Hi lauradrops,
As far as I know, under New York law, the borrower has to pay a mortgage recording tax when a new mortgage is created and recorded on a property. However, the amount of the tax varies depending on whether the property is commercial property or a one-, two- or three-family home. The tax will also depend upon where the property is located and how large the mortgage is.
As far as I know, under New York law, the borrower has to pay a mortgage recording tax when a new mortgage is created and recorded on a property. However, the amount of the tax varies depending on whether the property is commercial property or a one-, two- or three-family home. The tax will also depend upon where the property is located and how large the mortgage is.
Yes, the CEMA process allows you to only pay the mortgage tax on the new money
The tax must be paid again when refinancing unless both the old lender and the new lender accept the Consolidation, Extension, Modification Agreement (CEMA) process.
If either one does not accept the process, must be paid.
Perhaps the best bet is refinance with the existing lender. That is usually the easiest way to not pay the tax. The existing lender can often refinance without you having to pay the tax.
If either one does not accept the process, must be paid.
Perhaps the best bet is refinance with the existing lender. That is usually the easiest way to not pay the tax. The existing lender can often refinance without you having to pay the tax.
