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How much is a CEMA assignment?

How much does a CEMA cost? All in, expect to pay $2,000 - $3,000. A rough breakdown of those costs is $500 - $1,000 for each of the lenders and an additional $500 fee for your lenders attorney. You should also consider the cost of delays, especially if the mortgage is being transferred to a new lender.

Is CEMA transfer tax in New York?

In a sale/purchase transaction, a CEMA allows (1) the seller to pay NYS transfer tax on only the difference between the purchase price and the unpaid principal balance of the sellers existing loan (known as a continuing lien deduction); (2) the buyer to pay NYS mortgage tax on only the difference between the buyers

What are the benefits of CEMA?

The benefit of obtaining a CEMA loan is that you only pay taxes on the difference between your new loan and the unpaid principal balance of your current loan. Therefore, a borrower takes out a CEMA loan to avoid paying all or part of the Mortgage Recording Tax.

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.