Get Cema Checklist

The CEMA Checklist is an important document for consolidating mortgages. This guide will provide you with step-by-step instructions on how to fill out the checklist online, ensuring that you complete it correctly and efficiently.

Follow the steps to complete the CEMA Checklist online.

1. Press the ‘Get Form’ button to access the CEMA Checklist and open it in your preferred document editor.
2. Confirm the existing mortgage(s) either belong to the same lender or obtain an Assignment of Mortgage if they are from a different lender.
3. Verify the unpaid principal balance of the existing mortgages.
4. Calculate the total consolidated amount by adding the unpaid principal balance and the 'new money' or 'gap' amount.
5. Note that the mortgage tax is based on the 'new money' amount.
6. Ensure the Assigning Lender provides the Original Note and Mortgage along with an Allonge to the Note that makes it payable to the new lender.
7. Prepare the following documents with the assistance of the consolidating lender’s attorney: New Money/Gap Mortgage, 255 Affidavit for the CEMA (confirming that mortgage tax has been paid), and the CEMA itself.
8. Prepare the necessary exhibits for the CEMA, which include the Consolidated Mortgage, the Schedule of Mortgages (Exhibit A), the Consolidated Note, and the property description.
9. Ensure that the top of the Consolidated Note states: 'This Note amends and restates in its entirety, and is given in substitution for, the notes described in Exhibit A of the New York Consolidation, Extension, Modification Agreement dated the same date as this Note.'
10. Submit the Gap Mortgage, 255 Affidavit, Assignment (if necessary), and CEMA with all exhibits for recording.

Complete your CEMA Checklist online today!