First at all, when I puchased the apartment 7 years ago, I put 36K down, all this time they were using this money and are not paying even 1.25% for saving account. My close relative just purchased an apartment in Spain and they offered her very good incentives on the money she put down. Secondarily, in 7 years I paid more than 28K of mortgage payments for the apartment, of whose only less than 4K went to principal. More than 25K went to the interest! They change this proportion by 1$ every month, i.e. 12$ in a year! In third, they sent me notice of foreclosure in less than 6 months after I stopped payments. I was on unemployment at that moment and had a few months baby, but no one told me about any opportunities available for me. I applied for loan mod which fact did not stop the foreclosu
I would disagree that you need to "forget it" and "move on". You might have additional opportunities to work out a loan modification and/or to assert a defense to the foreclosure action, but we need more information.
Have you actually received a foreclosure Summons and Complaint or did you just receive a Notice of Intention to Foreclose? I take it that you want to work out a modification so that you can keep the apartment? Do you have income now?
Loan modification applications do not necessairly stop the foreclosure process. You will probabily need to engage in more and extensive negotiations with the bank if you want to keep the apartment.
I would suggest having an attorney review your loan documents to determine if you have any defenses to the foreclosure, but you ought to act as quickly as possible.
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