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A borrower is in default on a mortgage loan, and the principal balance is more than the house is worth. The homeowner may avoid foreclosure

A borrower is in default on a mortgage loan, and the principal balance is more than the house is worth. The homeowner may avoid foreclosure by:

refinancing the loan with another bank for a longer term

being approved for a short sale

modifying the mortgage with the same bank to make the loan more affordable

all of the above

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