New York
CEMA Refinance in New York: How a Consolidation, Extension and Modification Agreement Affects Mortgage Recording Tax
In New York, recording a mortgage triggers mortgage recording tax, and refinancing normally means recording a brand new mortgage. A CEMA is not a loan and not a loan program. It is a set of closing documents that keeps the existing lien alive so that only the new money is treated as newly recorded. Here is how the mechanic works, which properties it can apply to, what it costs, and why lender policy decides whether it is on the table.
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