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CEMA - Consolidation, Extension and Modification Agreement, How to Save on New York Mortgage Tax

For refinances, and in some circumstances purchases, it is possible to avoid paying mortgage tax by modifying a mortgage note to become an extension of the original note for which mortgage tax was previously paid. When a CEMA is completed, the customer pays the mortgae tax for difference between the exisiting mortgage and the new mortgage and not the tax on the entire amount of the new loan.

Some banks will honor this and some wont. This process must begin immediately at the beginning of the loan process, as it can take a long time, depending on the speed at which your attorney/title company and original lender are able to cooperate. Some title companies and most residential real estate attorneys specialize in this and you must request this when you order your title.

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