breaking developer contract

[mdonnelly]

Does anyone have any experience of 'handing the property back to the developer' after 2 years. Our situation is we had to re-mortgage the property to remain on interest only due to financial situation becoming difficult. When the bank did this they also increased the mortgage rate quite considerably costing us an addition 50% increase per month on the payments, we find this impossible to maintain. Even with them 'helping' by extending the interest only period it is only until Aug 2011 then it goes to capital and interest payments.

The developer is guarantor for our mortgage and I don't really want to default if I can help it. There is a clause in the contract with the developer saying that if we default we can cancel the contract and the developer will sell the property, pay the bank and any deposit we paid (providing there is enough money). My question is does anyone have any experience of doing this and would we need to be in arrears with the bank before we are able to cancel the contract?

I would be interested to hear of others experiences or other solutions people may have had.

[thedesignboy]

I think i'm in the same situation, what did you end up doing? I'm about to tell them I'm gone!

[Pantheman]

Try this :

http://www.judicarepartners.com/

I have no connection nor any affiliation, I thought it might be of use.