This usually goes unnoticed until there is a default under the CEMA and the foreclosure search shows that the mortgage that was assigned (and is now part of the consolidation) has been met since. Since, at least in New York, erroneous satisfactions cannot be corrected by a “corrective” instrument a posteriori, this error then requires a silent title action to remove the erroneous satisfaction. The plaintiff states that it is a hedging agency that wishes to promote and recommend to potential refinancing clients in New York a mortgage tax product, what the CRA calls the “mortgage tax guarantee.” In particular, the proceeds would ensure that a homeowner who refinances his housing construction loan but is not eligible for the consolidation, modification or renewal of that loan would only pay mortgage tax on any additional mortgage amount lent by a lender. The applicant provides the following example: New York State collects a tax for the home loan within the state. The registration fee applies to both purchases and refinancings, but excludes cooperatives. It is usually around 1-2% of your credit amount, which can significantly increase your closing costs. Cema stands for consolidation, extension and modification agreement – and is essentially a way to refinance, but avoid paying an expensive mortgage tax. If you apply for a loan on better.com, do the authorization in just 3 minutes in advance.