U.S. Government Stepping Up Sales of Delinquent Loans

The United States Department of Housing and Urban Development has begun selling off seriously delinquent loans. In an effort to avoid the shortfall and bailout that could happen next year, thousands of loans are being sold, according to a report on AOL Real Estate. 

This could be a windfall for those whose loans are sold, for many could be modified to avoid foreclosure. The plans is to sell at least 30,000 loans. This represents just a sliver of the nearly 700,000 seriously delinquent loans on their books.  

Officials would not specify how they would select the loans. Only seriously delinquent loans would qualify, but no specific information was given.