New York Estoppel Affidavit of Mortgagee
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Description
An estoppel affidavit is a legal document that prohibits the parties from taking any action that's contrary to an agreement previously made. For example, when the parties to a deed in lieu of foreclosure also execute an estoppel affidavit, it prevents them from going to court later to claim the terms of the deal were not fair. The affidavit usually states that the parties entered into the agreement willingly and cites the fair market value of the property at the time the deal is made. It spells out the terms of the agreement with your lender regarding an eventual deficiency. After the estoppel affidavit is signed, the lender can't collect the difference - it is stopped from doing so.
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