we are buying a home in sanford florida, our closing date is set for 7/14/06. We are ready, we have the down payment money, financing is done, all is good for us. We have received word that there is a clout on the title, but after reviewing the hud we do not see anything out of the ordinary. We have also heard that the seller has prepayment penalties on his 2nd mortgage and cannot come up with his closing fees, which are apparently $20,000.

My husband & I have to be out of our current home on July 31. Do we have any recourse? Can he drop the contract because he does not have closing money? Also can he let the contract expire and then relist the house to include the $20g's?

Please help, we are very worried
Regards,
MichelleW
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