FinancingHARD
In New York, CEMA (Consolidation Extension and Modification Agreement) is used to:
Correct Answer
B) Reduce mortgage recording tax on refinancing
CEMA allows borrowers to pay recording tax only on the new money borrowed when refinancing.
Answer Options
A
Foreclose on propertyB
Reduce mortgage recording tax on refinancingC
Transfer propertyD
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Related Topics & Key Terms
Related Topics:
mortgage-recording-taxrefinancing-processstate-specific-financing-tools
Key Terms:
CEMAmortgage recording taxrefinancingNew York Tax Lawgap mortgage
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