I just need some help regards my case.
I availed a condo last February 2012. I did not sign any contract yet since that I've been told that the title/right will be given as soon as I have settle the down payment. All I have is the Buyer's Information Sheet and Reservation Form from the company with the receipt of the reservation fee. I provided PDCs to the company since I opt to pay by installment. However, 3 months later, I lost my job yet I know that the company was able collect at least several months of my monthly dues as I deposited 40K on that checking account. I am so broke before I was offered a new job last October 2013 and until now, I am still paying my other debts due to the fact that I have to loan some money for my family to survive. I decided to discontinue availing the condo and I'm sure that I notify the company representative who assisted me in availing the property. Months later, I received an email from the company's collection agency requiring me to settle the monthly dues that I allegedly missed to pay. I replied that I notify Jason (company's representative) that I am no longer have the capacity to buy the condo and requested to forfeit my reservation so that they can offer the property to other interested buyers. The collector did not respond to my message but gave me a list of monthly amortization and penalties that I have to settle amounting to almost 110K.
I'm starting to freak out and I don't know what is the best thing to do to settle this as I know for a fact that I can't pay such big amount. Any advise will be appreciated.