After completing a 12-month(10%)down payment, I am still required to continue paying an "interim" monthly amortization - 8 months to date and 4 months unpaid. Developer demands to settle the unpaid 4 months before move in or a letter of cancellation will be sent. Note: Loan take out is not yet approved and I am paying a so-called "interim" MA (w/ interest for not being able to pay on time). Why? Is this a guideline that is being supported by the housing law?
The application is long delayed. As of September 2011, the loan will celebrate its 2nd year from the day it was applied all the way back in September of 2009. Why this long? I am only obliged to pay 12 months but still being collected with payments for almost a year now after paying the the DP. Is the developer being fined or penalized with every delayed account?
Now why am I asking these questions here? In the hopes that a sound and satisfying answer will help to enlighten my query since the employees that represent the developer are perky enough to answer me these very same questions with DIFFERENT versions. Confusing.
Upon completion of the 12-month DP, the first condo unit was sold to another buyer without me knowing it or given any notice to sell. Was that even legal? At any rate, they offered me a new one.
Hope to be enlightened.