There is no right to buy back once the Bank signs a memorandum of sale in Massachusetts. This usually occurs on day of sale.
With the foreclosure crisis, some banKs have sold back homes if buyers have been sufficently forcefull.Otherwise, the bank will seek to evict you. The range of time can be from 13 days to 13 months or more, it depends when they get around to it.Usually, they will offer some cash and somr time to get out.
You have a right to redeem for the amount the lender bid. Could mean a sale or a short sale, or just wait out the redemption period while banking your unpaid mortgage payments. That the lender bid rather than someone else, has no meaning whatsoever.
They will seek to evict you, generally speaking. You should contact an attorney before it happens, as you may be able to stall or stop the process.
You should consult 255 section 35A as well as the mass A.G.'s website, for further information.
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The fundamental thing to understand is that if your mortgage was not taken out with a local bank or credit union there is no longer a "bank" or "lener" involved with your mortgage.
The only role that the "bank" now occupies is that of a bill collector on behalf of a securitized trust that purportedly owns your loan
Because the entity that foreclosed on your right of redemption "purchased" your property, you could seek to challenge the legality of the foreclosure under the strict requirements of G.L. c. 244 Section 14,however it's a difficult argument at best, and the amount of attorneys who actually understand the process are very few
Unfortunately, there will be an eviction hearing brought against you if. You remain in the property, however you can challenge that the foreclosure was not conducted properly under g.l. C. 244-14,as a challenge to title is an absolute defense to the eviction action see Bank of NY v, Bailey decided by the Mass SJC last year
Glenn F, Russell, Jr.
Licensed in Massachusetts and Rhode Island