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Town warns new foreclosure rules will increase costs, asks how to finance upfront work
Summary
Templeton officials told the Select Board two tax-title properties are approaching judgment under new state foreclosure rules that require appraisal, listing and escrow procedures; staff recommended pausing additional foreclosures until the town establishes a funding mechanism to cover upfront costs.
Town staff told the Select Board on July 23 that recently enacted changes to tax-title and foreclosure procedures impose new up-front costs and tight deadlines once Land Court judgment is entered.
Cheryl (town staff), who oversees tax-title work, said two properties now in the process will fall under the “new legislation” described in the meeting: once the town receives judgment it will have 14 days to decide whether to buy the property or sell it, and the town must obtain an appraisal and list the property under…
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