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Cancel in-house loan contract and retrieve all payments

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Arresto Menor

Hope you can help me or give advise on what is the best thing to do.

We bought a house and lot thru in-house financing. We paid in cash the 20% down payment so as to start the construction immediately and will be finished within 6 months as long as there will be no problems on our monthly payment. Sadly, after 6 months, the house construction was not yet finished. They told us that there was a problem with the developer which decided them to change to a new developer. They also told us that there was a change on how they will handle the budget, that this time, with the new project engineer, the amount we pay every month, will be allotted for the construction of the house. Engineer also told us that the construction will be finished within two months. I made a visit last month and took some pictures of the house. Now, last Friday, I again paid a visit just to make sure that the construction is continuous and that the amount we pay every month is being well spent. Unfortunately, again, nothing's change. I only saw two gutter tubes being added. I don't think that's the only thing added while we are paying 60K every month. In fact, from the 20% we paid which is about 300k and the payments for 8 months, the construction still didn't reach to its 50% completion.

Now, we decided to cancel the contract and we want all the money we paid to be returned. Can you please advise us what will be the best approach for this case?

Thank you so much

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