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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