IndyMac won't extend July 2 HAFA SSA deadline. In June, I received an email prior to July 2nd deadline from the negotiator and she specifically says that the “foreclosure date on hold until we can get the HAFA short sale resolved”.

I understood this to mean that the HAFA SSA deadline would be extended however when I sent a very good purchase contract, I was told that HAFA SSA had expired and the homeowner could do a traditional short sale (no $3000) or DIL with $3000. Of course homeowner opts for DIL.

We have an offer for $145,000 and the opportunity to extend the HAFA SSA and avoid the property going back on the market as a REO in  a zip code that has 200 distressed properties. The neighborhood comps are short sales and REO’s. My analysis tells me that when the property comes back on the market sometime during the Colorado winter that it would sell for no more than $130,000 or less.

I don’t understand why IndyMac/OneWest would not extend the HAFA terms for SS to the owner to sell this home and avoid foreclosure/DIL. The loss would be another $15,000 or greater as a REO. I would like your review. If there are reasons I am not privy to and valid reasons why this purchase contract should be reviewed as a HAFA short sale, please just let me know and I will give up the fight. I just cannot see any justification for this decision.

Any ideas? Thank you!

Stephanie