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Thanks for your question.
If what you say is correct then in the absence of anything contractual provision to the contrary this means that they have the option of pursuing either or both you or the developer for the monies owing as a result of taking possession and selling the property. I'm afraid that having a guarantor does not mean that they stand in your place to exclude you from liability, it just means that the lender may sue them as well.
They will probably pursue both you and the developer for the monies owing I'm afraid.
Sorry it could not be better news.
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