If the credit line was secured by the property, and you sold the property and did not pay the credit line off, you may have committed fraud under the terms of your credit line. You definitely need to talk to an attorney about this, you could be looking at criminal charges as well.
This answer does not establish an attorney client relationship, nor does it constitute specific legal advice.
As my colleague stated, the answer depends on whether the credit line was secured by your property. Since it was $750,000, it likely was secured. Someone made an error leading up to or at closing. The outstanding balance on your LOC should have been paid before any moneys were disbursed to your from closing.
Talk to a lawyer immediately.
No lawyer-client relationship is formed by my response to this question. I am providing only general, generic information on the law. You should consult a lawyer for specific advice on your legal issue(s).
I agree with my colleagues. If the line is secured against the real property interest and it was not paid off at closing, this could be a very big problem for you since you could very well be held responsible for the loan not being paid at closing when the secured property was sold.
I strongly suggest that you consult with an attorney as soon as possible, and provide a copy of the closing documents as well as a copy of your closing documents from your credit line.
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