Can a devloper sue if you are unable to obtain the mortage ?

I have been turned doen for a mortage the developerment finished in Sept 2009. The bank that financed the devlopement has turned me down and the devloper has been informed.

He refuses to close the contract and stated that he will sue no matter what. The contract does state if i do not complete he will either keep 50% of monies paid or b force me to complete. Above that statement it says if i do not get financing the contract is closed but then we go to option a) or b). The contract never stated what would happen to him if he did not complete the works (abusive) i believe ?

Thanks for any advice info and help.

Dear SunFlowers:

if the contract says what you mention:

"Above that statement it says if i do not get financing the contract is closed",  in our legal opinion you have got rights to ask the developer for the refund of 100% of your money , in accordance to what was agreed by main actors of the real estate off plan field back in 2001.

Best,

Maria