Contractors Facing Cancellation Due to Blocked Final Payments: Penalty Nightmare
Contractors who relied solely on down payment loans are now facing penalties after being informed that the final payment loan is unavailable. Contractors who relied solely on down payment loans are now facing penalties after being informed that the final payment loan is unavailable. With no way to cover the remaining amount through their deposits, confusion is rising among those preparing to move into the Olympic Park Foreon. Financial Supervisory Service (FSS) Chief Lee Bok-hyeon has promised to create protective measures for genuine buyers. A man in his 40s, referred to as Mr. A, signed a contract for an apartment in Suwon set to be completed next year, based on the developer's promise that down payments would be covered by loans. However, recent changes in the lending regulations have led to a notification that the down payment loan is not possible and that a penalty will be imposed if he cancels the contract. Mr. A commented, "I signed the contract believing that the devel...