Section 255 Affidavit (CEMA) (New York)

The Section 255 Affidavit (CEMA) in New York is a legal template that pertains to residential mortgage lending transactions. Specifically, it refers to the Consolidation, Extension, and Modification Agreement (CEMA) that is executed between a borrower, the original lender, and a new lender. This affidavit is used when a borrower seeks to refinance their existing mortgage loan with a new lender.

The purpose of this legal document is to provide an affirmation of the factual accuracy of the terms and conditions outlined in the CEMA. It typically contains a sworn statement by the borrower, certifying that they have read and understood the terms of the agreement, and that all the information provided is true and correct to the best of their knowledge.

By signing this Section 255 Affidavit (CEMA), borrowers acknowledge their responsibilities under the CEMA and confirm their consent for the new lender to assume and modify the terms of the existing mortgage. This document may also require the signature of a notary public or other authorized representative to ensure its validity.

Overall, the Section 255 Affidavit (CEMA) is a legal form used in New York to protect the rights and interests of all parties involved in a residential mortgage refinancing transaction. It serves as an affirmation of the borrower's understanding and agreement to the terms of the CEMA, providing a legally binding document to facilitate the smooth transfer of mortgage obligations from the original lender to the new lender.