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Demand for past due on Equity Line of Credit

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Im so confussed on what to do......We had a equity line of credit that was opened in 2004. With loss of jobs and unable to pay it, it was sold to several different collection agencies. The latest one sent me letters recently stating that it was being turned over to their legal dept. Last week recieved a letter from an attorney for that collection company stating that I needed to pay $2770.00 by Novemebr 8 to bring past due an late charges current. I pulled my husbands credit report and it shows date open 4-4-2004,

account status-CLOSED, Payment status - CHARGE OFF, term-revolvng, Comments; Transferredto another lender or claim purchased.

I live in Texas and not sure if Statue of Limitations applies to this type of debt. Also, can they forclose on my home? Not sure what to do and looking for some advice.

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