What is a Promissory Estoppel?
The mortgage co. has so many days required by law to respond to
the request in writing to establish the pay-off amount of mortgage
note with validation if they fail to do so they are in serious
violation of statute and are at risk for fines an/or penalities by
the state licencing board, etc.!
If one party promises to excuse the other party from their
duties, but then goes back on this promise in a unfair way, the
court may allow this following the equitable doctrine of promissory
estoppel, established in the case of Central London Property trust
v High Trees House (1949).