The clouds first started gathering back in March when Justice Keith C. Long invalidated the sale of two foreclosed properties in Springfield Massachusetts. He ruled them invalid as a result of the banks not having filed the appropriate paperwork in accordance with Massachusetts state foreclosure law. The original ruling was just upheld by a state Land Court judge.
What will this do to pending and future sales of foreclosed properties? In Plymouth County alone, there are 106 pending sales of bank owned properties currently listed in multiple listings service. I wonder how many of those will not make it to closing due to a cloud on the title.
What does this mean to you if you already purchased a foreclosed home in Massachusetts? It could mean nothing, but I hope you purchased individual title insurance, just in case.
Did you know that state law allows people two decades to dispute land ownership?
Click on the following link to read the complete story posted in the Boston Herald -
Ruling could undo thousands of foreclosures - by Jerry Kronenberg
Buying a Bank Owned Home in Massachusetts - Buyer Beware!