New York Consolidation Extension & Modification Form
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People also ask
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What is a consolidation extension and modification agreement?
A Consolidation, Extension and Modification Agreement, or CEMA, loan is an option available to New Yorkers that can drastically reduce the cost to refinance a mortgage. CEMA loans allow borrowers to pay mortgage recording taxes on only the difference between their current principal balance and their new loan amount. -
What does CEMA stand for mortgage?
A CEMA mortgage loan (Consolidation, Extension and Modification Agreement) is only available for New York residents. This loan option signNowly reduces refinancing costs because you're not paying the full mortgage recording tax. -
What is a CEMA gap note?
A consolidation, extension, and modification agreement (referred to by its acronym CEMA) that: consolidates the gap mortgage with all prior existing mortgages; extends the loan's maturity date; and. if applicable, modifies loan terms other than the new loan amount and maturity date. -
Does a CEMA get recorded?
CEMA loans allow borrowers to pay mortgage recording taxes on only the difference between their current principal balance and their new loan amount. In New York, taxes are collected for recording any new mortgage with the state during the home buying process. -
Can you do a CEMA on a Heloc?
In addition, CEMA is not an option on loans considered to be Home Equity, HELOC, or Second Mortgages, or for mortgages being discharged. CEMA only applies where a mortgage recording tax is applicable and therefore when it comes to paying the mortgage recording. -
What is purchase CEMA?
A Purchase CEMA, which is also known as a Purchase Consolidation Extension Modification Agreement or a “splitter,” is a type of mortgage where the buyer is essentially taking over the seller's mortgage and consolidating it with their new mortgage. -
What are CEMA documents?
CEMA is short for Consolidation, Extension, & Modification Agreement. • A CEMA loan is an agreement between the existing Lender and the New Lender to combine two or more loans into a new, consolidated loan. No cancellation will be filed on the existing mortgage. -
What is Exhibit C in a CEMA?
A copy of Schedule A (Property Description) to the New York Mortgage may be used but should be marked as Exhibit B to identify it as an NY CEMA exhibit. Exhibit C — A copy of the Consolidated Note (including any applicable addenda), with fixed-rate or adjustable-rate Note language inserted at the top of the first page. -
What are CEMA documents?
CEMA is short for Consolidation, Extension, & Modification Agreement. • A CEMA loan is an agreement between the existing Lender and the New Lender to combine two or more loans into a new, consolidated loan. No cancellation will be filed on the existing mortgage. -
How is CEMA calculated?
Here is how the CEMA tax is calculated and how much you can save when you pay taxes on a condo with a sale price of $750,000, a buyer loan size of $600,000, an outstanding loan principal of $500,000, and a mortgage recording tax rate of 2.175%. With a CEMA, you pay 1.925%, and the lender pays 0.25%.
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