The answer to this question is NO, Massachusetts does not have a redemption period. If it is foreclosed then the homeowners rights are forfeited anyway. You can easily google these answers up, but I invest in Massachusetts and now this answer.

Massachusetts is a non-judicial state. The answer is yes and no. Contact an attorney first and get a title search done. There seems to be some problems with title insurance availability on some foreclosed homes. Seems that many foreclosure sales were not properly foreclosed, in that mortgages and mortgage assignments were not properly recorded at the registry. Please look before you leap. Hire a good attorney.
To answer you question on title 5, it depends on what your bank will allow. Read the Massachusetts court case by going to the attached link

The foreclosure question should really be asked of your attorney as it's a legal issue.

Regarding the Title 5: http://www.mass.gov/dep/water/wastewater/faqsesi.htm