I'm presuming that the question you're asking above is asking "can I replace the absolute value in the above statement with a modulus without losing the result?" Well the main problem with your question is that modulus takes two arguments, absolute value only takes one. And with any finite modulus (say, $M$), then your new sequence becomes $(a_n \mod M)$, which is obviously bounded and thus convergent by Bolzano-Weierstrass:
$$
(a_n\mod M)\subseteq[0,M)\subset [0,\infty)
$$
$$
\Downarrow
$$
$$
a_{n_k}\in (a_n\mod M ), a_{n_k}\rightarrow a \text{ for some }a\in[0,M]
$$
As for the second half of this question, a very useful theorem for you would be the Bolzano-Weierstrass Theorem, which states: any bounded sequence of real numbers has a convergent subsequence.