Help! We invested in a preconstruction home with the builder last December. Our out-of-pocket expenses so far are $6,000. We were notified of our closing the week of May 29th, and upon taking a closer look at the mortgage paperwork, we have realized there's no way we can afford this home due to my job loss, or even if I was working! I realize it's the 11th hour, but can we cancel this contract before it closes? If so, are we going to lose our $6,000 deposit. Thank so much for any advice for us. The property is in Florida.

Read Your Contract - 1st Step. There is a good chance you might lose it, but your best bet is go in there and tell them the truth, plead with them that due to circumstances out of your control you can no longer afford the home.