A lot of times, the lender will require that you demonstrate hardship in making the current payment in order to grant you a modification. Sometimes they won't even talk to you unless you are behind and facing foreclosure. This has the most serious implications to your credit.
What I would tell you is this: if you are facing a difficult situation and you need a modification then you shouldn't be worried about your credit score. Unfortunately you will probably have to choose what is most important to you (keeping your home or maintaining your credit score), and you cannot have your cake and eat it to.
I hope this helps. Best of luck!
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