Posted by BeckyNC on 4/15/05 6:58pm
Msg #32063

CEMA's

Did a search, but didn't find anything that answered my question.
For all you folks in NY, please educate me. I have done a closing twice - the borrowers cancelled the first time - here in NC for property located in Long Island NY. The borrowers had a tough time understanding all the paperwork, and I didn't have a clue. (I would not have explained anything, but would like to understand for my own purposes.)
There were two notes and two mortgages in the package, along with a two consolidated notes and two consolidated mortgages and a consolidation, extensionand modification agreement. Of the notes and mortgages, one was for a large amount, one for a much smaller amount - both appeared to be fixed rate. Can anyone explain why? As I said, I'd just like to educate myself so when I go to do this a third time (by the time we were finished for the second time, we were joking about this!), I have some understanding what is happening. TIA.