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You would avoid foreclosure and remain in your home.If you are behind on payments, you would resolve your delinquency status.You may be able to reduce your monthly payments so they are more affordable.You would suffer less damage to your credit than if the bank foreclosed on your house.The Pros and Cons of a Loan Modification - Realty Warehouse\nrealtywarehouse.com > short-sale > the-pros-and-cons-of-a-loan-modification