New york consolidation extension & modification form 2025

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The document outlines the New York Consolidation, Extension and Modification Agreement (NY CEMA), which is used for refinancing mortgages in New York State. It consolidates existing mortgage obligations into a single loan, potentially reducing mortgage recording tax costs. The document specifies requirements for using the NY CEMA, including necessary forms, documentation, and procedures for delivery to Freddie Mac. It also includes a Q&A section addressing common inquiries about the NY CEMA process.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the Borrower's information in the designated fields, ensuring accuracy for all personal details.
In the section for existing Notes and Mortgages, list all relevant documents that are being consolidated. This is crucial for clarity and compliance.
Complete Exhibit 'A' by detailing each Note and Mortgage being consolidated, extended, or modified. Make sure to include any new funds if applicable.
Fill out Exhibit 'B' with a comprehensive property description. This should include the address and any pertinent legal descriptions.
Attach Exhibit 'C', which is a copy of the Consolidated Note. Ensure this document reflects all necessary signatures as required.
Finally, review all entries for accuracy before saving your completed form. Utilize our platform's features to sign and distribute your document seamlessly.

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What is the New York extension form?

Businesses that are subject to the business corporation tax may get an automatic six-month extension by filing Form NYC-EXT. This extension is given only if the extension form is filed on or before the original due date for the return and the tax was estimated correctly and paid.

What is a consolidation extension and modification agreement?

A CEMA, Consolidation, Extension, Modification Agreement is an agreement between your existing Lender and your New Lender to combine two or more loans into a new, consolidated loan to save money on Mortgage Tax in New York State.

What is a debt modification agreement?

A loan modification is a permanent change to the terms of your original loan. The purpose of a loan modification is to make payments more affordable for borrowers in financial hardship.

How to calculate a cema?

To calculate this take the new loan amount minus the unpaid principal balance (not including interest) of the current loan to determine the new money amount. For example, if I am taking a new loan of $500,000.00 and currently owe $450,000.00, the new money is $50,000.00. The new money is the taxable amount.

What is a modification agreement?

It is a negotiation with your mortgage lender to create a new agreement that modifies the original terms of your mortgage. If you have a long-term inability to pay your mortgage, a loan modification could be an option if you wish to keep your home.

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