Mike F is right. They have a lot of options beyond just keeping your deposits.
They can sue you for the full amount, and also any additional costs brought on by your delaying completing etc.
Are you financially incapable of closing, or just don't want to because of value? I would be honest and call the developer about it. Sometimes if you have a really good excuse, there's a slim chance they'll work something out with you. Worth a try, but other then that you'll likely have to close.
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