Indy's new policy on postponing foreclosures

This is not one of my listings, rather another agent's who just gave it to me to process. Details: This transaction is in California. The agent took the listing a year ago and 2 buyers walked. Agent told Indy the buyer walked, so they closed the file (something I never disclose to a short lender, until I have a back-up offer in hand.) Another offer came along 5 days before the Trustee's Sale. We faxed it in and promptly called Indy to inform them of the offer, and to request the postponement. Three days were lost, b/c the Authorization to speak w/ them didn't show up in their system. The day before the sale, we were told that Indy has a policy of 15 days to review the offer before the foreclosure. We called several times and spoke with numerous reps as well as a supervisor. They all said the same - offer must be submitted 15 days prior to the f/c sale or it will not be postponed. So, if you don't have your new offer into Indy 15 days prior to the foreclosure, you probably won't get an extension.

Replies

Stephanie Lim October 21, 2009 at 2:11am

I've heard about this from other agents. It's definitely new. I had a foreclosure sale postponed just a couple of days before this summer. This is definitely an unfortunate development. I hope they change it.
Laurel Starks October 11, 2009 at 4:02am

Ah, yes......"Indy" means "IndyMac" :)
Jeff Payne October 11, 2009 at 4:00am

I assume by "Indy", you are talking about IndyMac?

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