Our firm helps clients refinance for the purposes of paying off an existing loan, paying off a debt, or obtaining a better interest rate. Although we are not Mortgage Brokers, Bankers, or a Bank, we have closed thousands of transactions on behalf of a Lenders and Borrowers, and we pride ourselves on providing zealous representation of our clients’ interests and their investments.
CEMA is a Consolidation, Extension, and Modification Agreement
If you are refinancing your Real Property (Condo, house, townhouse) that has an existing mortgage and you are current on your monthly payments a new lender may allow for an assignment of mortgage, we CAN assist in saving you THOUSANDS of dollars on MORTGAGE TAX! In other words if you do not increase your loan amount you would not have to pay mortgage tax to NYC.
In NYS, any time a mortgage is taken and recorded, the Borrower is required to pay Mortgage Tax, this ranges from 1%-2.5% of the loan amount. CEMA is one of the least used, yet it is the most valuable tool that attorneys have to save clients money.