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Posted by MikeC/TX on 11/27/19 4:48pm
Sounds like these were special circumstances. I used to do CEMAs all the time when I was in NY. I lived in the metro NYC area, and notaries there couldn't do purchase closings - those had to be done by attorneys. That left us with HELOCS and refis, and many refis contained a CEMA because of the tax implications.
My memory is a bit hazy about the CEMA details - I left NY 8 years ago - but I think there were only a few more documents that had to be signed - the "gap" mortgage and note, and the CEMA itself. The gap mortgage had to be notarized, and I think the CEMA did as well.
What was confusing the first time you did one of these was that you had two mortgages and two notes, with different amounts. As I recall, the CEMA contained the actual consolidated loan amount and payment information, which was what you could refer the borrower to. Once you went through the process once or twice and knew what to expect, they were like any other signing. But if you add elderly signers into the mix AND a trust, I can see how it could get drawn out.
If you're asked to do a refi on a NY property, ALWAYS ask if it's a CEMA so you know what to expect - because unless you've done one, it's nothing like you've ever seen before. |
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