Massachusetts H2085 allows cities and towns to purchase foreclosed residential properties before creditors can sell them at auction.

Massachusetts H2085 amends the General Laws to give cities and towns the opportunity to buy foreclosed residential properties before creditors can sell them at auction. The bill allows cities and towns to select a designee to act on their behalf in purchasing the property. If the creditor accepts the city or town's offer, they must enter into an agreement to complete the sale. If no agreement is reached within 90 days, the creditor can proceed with the foreclosure sale. Cities and towns can also agree to restrict the residential property through an affordable housing restriction.

Massachusetts H2085 allows cities and towns to purchase foreclosed residential properties before creditors can sell them at auction.

Massachusetts H2085 amends the General Laws to give cities and towns the opportunity to buy foreclosed residential properties before creditors can sell them at auction. The bill allows cities and towns to select a designee to act on their behalf in purchasing the property. If the creditor accepts the city or town's offer, they must enter into an agreement to complete the sale. If no agreement is reached within 90 days, the creditor can proceed with the foreclosure sale. Cities and towns can also agree to restrict the residential property through an affordable housing restriction.