I have approval on a short sale for a first mortgage.  SLS has been great so far.  However, we are going to close the escrow on January 14, 2011 with approval obtained on December 1, 2010.

The foreclosure sale date is set for January 3, 2011....before we can close the escrow.  SLS is requiring a $3500 non refundable deposit to delay the foreclosure sale.

I have Understood two different explanations.  One, the $3500 is a cost...period.  Second, if we close the escrow on January 14, 2011, it is NOT a cost and is credited back.  Any one else been faced with this situation?

Dave Seyferth