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 NY CEMA, including necessary forms, documentation, and procedures for delivery to Freddie Mac. It also addresses questions regarding the execution of documents, timelines for completion, and specific language needed when MERS is involved.

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What is the CEMA mortgage document?

The CEMA consolidates into one document the terms of prior notes and mortgages related to the security property and, if new funds are advanced to the Borrower(s) at the time of consolidation, the terms of the new note and mortgages.

What is a consolidation extension and modification agreement?

A Consolidation, Extension and Modification Agreement (CEMA) is a loan 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 is an example of a CEMA?

Example: If you have a $300,000.00 mortgage and refinance with a $450,000.00 mortgage in Brooklyn, you would normally have to pay a tax of $8,100.00, but with a CEMA you only pay mortgage tax on the new money of $150,000.00 in the amount of $2,700.00.

What is a cema?

Instead of paying mortgage tax on the entire new loan amount, a CEMA allows a borrower to only pay mortgage tax on the difference between the new loan amount and the unpaid principal balance of their current loan (often called the new money).

What is the difference between a CEMA and a non CEMA?

In lieu of a traditional mortgage refinance, where an old mortgage is cancelled, and a new one assumed, a New York Consolidation, Extension, and Modification Agreement (CEMA) allows a lender and a borrower to combine any and all notes and mortgages that a borrower may have, including a new note and mortgage, into one

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What is a CEMA statute in NY?

CEMA stands for Consolidation, Extension, Modification Agreement and is an agreement between two lenders regarding an existing mortgage. Think of it as taking over the sellers existing mortgage.

New york consolidation extension & modification form 2025

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