Update on Suffolk County Recordings

2 Dec

EXTENSION AND MODIFICATION
    
When using the Fannie Mae/Freddie Mac uniform instrument form 3172 1/01(rev. 5/01) “CONSOLIDATION, EXTENSION AND MODIFICATION AGREEMENT” for an Extension and Modification recording only, the following language must be contained within the document and on the accompanying 255 Tax Affidavit:

” THAT MORTGAGE (1 OR A) IS BEING EXTENDED AND MODIFIED BY THE TERMS OF A CERTAIN EXTENSION AND MODIFICATION AGREEMENT BETWEEN (insert mortgagor) IN FAVOR OF (insert mortgagee) DATED (insert date), TO FORM A SINGLE LIEN IN THE PRINCIPAL SUM OF (insert new mortgage amount), NOW DUE AND OWING, WHICH SAID AGREEMENT IS BEING RECORDED HEREWITH.”

 

“THAT SAID AGREEMENT DOES NOT SECURE ANY ADVANCES MADE BY THE MORTGAGEE TO THE MORTGAGOR, NOR DOES IT EVIDENCE ANY FURTHER INDEBTEDNESS ON THE PART OF THE MORTGAGOR TO THE MORTGAGEE, THERE BEING NO OTHER MONEY ADVANCED BY THE MORTGAGEE TO THE MORTGAGOR UNDER THE AFOREMENTIONED MORTGAGE OR EXTENSION AND MODIFICATION AGREEMENT EXCEPT THE SUM OF $0.00.”

These two paragraphs must be on Exhibit ‘A’ within the agreement and on the 255 Tax Affidavit.

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