Do you have a lawyer of your own?
I've specialized in REOs with this changing market and various loose ends need to be addressed with each asset. Hang in there if it is the proeprty you desire.
Check out my website http://www.JeanSOLDMyHouse.com under my lisitngs to find REOS before going in mls or for a free search of all properties.

The bank may be having a hard time providing a clear Title. If they come back for another extension, that's the point to request somthing in the form of compensation. The fact that you have signed the extension means you are under contract.

Generally there has to be a reason given for the extension - from Dec to February is a long time and very unusual. If the bank that has foreclosed is asking you for "extensions" I would ask for documents with an explanation for why the extension is necessary. If they are simply stringing you along with your offer to see if something better comes in, then you need to make a decision as to whether or not you should sign another extension or just move on with your life. OR you could let the extension to perform expire, not sign another extension on the offer you presently have and a put in a new offer that is a price you feel is justified for the property. And go from there. That is another option. Good luck!

IF the lender is not able to close for what reasons? I would be concerned. If your paperwork is complete ready to fund it does not require mortgage company 90 days to close. YES banks are overwhelmed something just reads odd.

All is governed by your executed contract most foreclosures take approx. 30 -60 days close. Read executed contract determine what the out clause is if you no longer want the home.

Sorry to hear all.

Dallas Realtor and Consultant, Mortgage Loan Officer, Lecturer regarding Credit Repair
– Lynn A. Crosby

You might look into having an "investigative journalist" from one of the news outlets inquire & thus exert some pressure on the lender to get things closed. I'm sure that it would make for an interesting local interest piece on how lenders are working out the property logjam. You might also ask your local representative to contact the lender on your behalf.