Mortgage Servicers
Non-performing notes and REO aged past the point where a retail listing makes sense, including scratch-and-dent pools kicked out of prior trades.
We buy
- 01Probate & Inherited
- 02Foreclosure
- 03Title problems & Liens
- 04Zero or negative equity
- 05Mortgages & Notes
- 06HUD vacant pools (HVLS)
- 07HUD occupied pools (HNVLS)
Distressed single-family homebuyer
We Buy the Homes Others Won't Untangle
Deep experience, direct capital. Clarity where there's complexity, certainty where there's risk.
What We Do
Acquisition across every channel distress arrives in
Each channel carries its own timeline, its own approval chain and its own way of going sideways at the closing table. We price title defects, occupancy and deferred maintenance in rather than excluding them — whether that is a five-hundred-door servicer pool or one house an heir inherited and cannot sell.
Bankruptcy
Chapter 7 and 11 estates where the trustee needs a buyer that will not walk and a timeline the court can rely on. Proof of funds delivered with the bid.
Probate Estates & Heirs
A single inherited house is enough — no minimum. Multiple heirs who cannot agree, deferred maintenance, contents still in the home, and sales conditioned on court confirmation.
Foreclosure
Pre-auction files where a sale beats the calendar, post-sale positions inside a redemption window, and occupied assets requiring lawful possession work.
Tax & Lien Positions
Delinquent tax certificates, code enforcement and municipal liens, judgments and mechanics liens. Clouded title we cure rather than price around.
Direct From Owner
Landlords exiting a full rent roll in one transaction instead of thirty separate closings. Tenants in place, leases assumed as written.
Why portfolios are tradingAs of Aug 2026
Owners of 350+ homes barred from buying existing stock under the 21st Century Road to Housing Act — institutional holders turn net sellers.
Federal legislationProgress Residential, Invitation Homes, AMH, Tricon, FirstKey, Amherst and VineBrook all net sellers year to date.
Parcl Labs / CNBCInvitation Homes guides to $550M of dispositions against $350M of acquisitions, funding buybacks from sale proceeds.
CoStarSingle-family mortgage delinquency at 1.86%, down from 1.88% the prior quarter.
Federal Reserve / FRED
HUD Office of Asset Sales
The buyer in HVLS and HNVLS pools — and the exit for those who won their own
Investor Trustee Services is now an approved bidder in HUD’s HVLS and HNVLS single-family loan sales.
HUD auctions pools of defaulted, formerly FHA-insured reverse mortgages. In every loan the last surviving borrower has died, no non-borrowing spouse survives, and the heirs never paid off the debt. Winning the pool is the straightforward part — what follows is probate, title and occupancy work running across dozens of states at once.
That is the work we already do — and we now do it as principal in two ways. As an approved HUD bidder, we buy HVLS and HNVLS pools directly and carry the probate, title and occupancy through to resolution on our own balance sheet. For those who won their own pools, we still take the assets off as principal.
Loans offered by HUD, by saleVacant (HVLS)Non-vacant (HNVLS)
Distressed loan sale activity by state
FewerMoreOur markets
Vacant pools
Vacant one-to-four-unit properties securing HECMs where the last borrower is deceased. Bought as-is, cleanout included.
Non-vacant pools
Occupied by non-borrowers — surviving family, heirs in residence, tenants. Possession resolved lawfully, or we take the asset occupied.
Legal & title
Clearing title after the borrower’s death is legal work — foreclosure where heirs walk away, probate where they want to keep or sell. We run it in house.
Outcome reporting
HVLS purchasers report dispositions to HUD. Exits can be structured as owner-occupant sales or affordable rentals where pool commitments require it.
News & Research
Analysis built on primary data, not opinion
We publish what we learn from the same sources we underwrite against — HUD's Office of Asset Sales post-sale reporting, Federal Register sale notices, and Federal Reserve series. Each piece is sourced and dated.
Sale analysis
4,200 vacant houses just went up for sale at once
HUD is offering the largest pool of defaulted reverse mortgages it has ever brought to market — $1.3 billion of paper on empty houses, bid on 27 October. Most of that collateral ends up as somebody’s inventory, scattered across counties they have never worked.
Read → Press releaseITS founder joins NAHR as a Charter Member
Peter Quinones has joined the National Association for Housing Revitalization among its founding class, as federal law begins to reshape who is permitted to buy single-family housing.
Read → Policy analysisWhat the ROAD to Housing Act actually says
The headline is that Congress banned institutional investors from buying houses. The statute is narrower, later and stranger than that — it does not start until January, it does not count mortgage debt, and it contains a foreclosure carve-out that will decide how the next few HUD loan sales are bid.
Read → Policy analysisThe 350-home line now runs through HUD’s loan sales
A new federal law bars large institutional investors from buying single-family homes. HUD now asks bidders to attest that the loans they buy will not end in a purchase the law prohibits. The threshold is 350 homes — and in the last vacant sale, one buyer took 309 loans in a single afternoon.
Read → Bidder analysisWho bought HVLS 2026-1 — and what the bidding tells you
Twenty-two buyers took 1,061 loans. Two of them took nearly half. One paid 18 cents on the broker’s dollar. And the spread of those loans across the map says more about what happens next than the prices do.
Read → Policy analysisThe shift to nonprofits in HUD distressed loan sales
There has been a decisive shift in who buys HUD's distressed reverse mortgage pools. Mission-driven nonprofits took 4% of the loans before 2019; they now take a majority of some sales. If you bid on these pools, or buy assets from the firms that do, this is the most consequential change of the last five years — and it is a policy decision, not a market one.
Read → Pricing benchmarkWhat HUD distressed loan pools actually sell for
The short answer is 69.4% of broker price opinion. That is what 1,061 defaulted reverse mortgages sold for in HUD's most recent vacant loan sale — roughly sixty-nine cents against the estimated value of the houses securing them. But the way that number is reported is easy to misread, and the spread underneath it is where the real information sits.
Read → Industry guideHUD distressed property sales, explained
The first thing to understand is that HUD is not selling houses. It is selling defaulted loans — specifically reverse mortgages where the borrower has died. The house comes later, once whoever bought the loan forecloses on it. That single distinction explains most of what confuses people about this market.
Read → Seller's guideWho buys distressed property portfolios?
If you are holding distressed single-family assets and need them gone, the hard part is rarely finding someone who says they buy distressed property. Plenty do. The hard part is that the phrase covers buyers whose minimum size differs by a factor of a thousand, and whose willingness to take an occupied house with clouded title differs by everything.
Read →
Who We Are
Built for the complicated half of the housing market
We specialize in the complicated half of the housing market. Our team is made up of housing-industry veterans with deep experience buying distressed real estate, from a single inherited house to a full note pool.
Peter “Pete” Quinones
Founder & President
Investor Trustee Services
Founding Charter Member
Pete Quinones is Founder and President of Investor Trustee Services. An industry veteran, he has purchased countless single-family homes across Florida from servicers, bankruptcy trustees, probate estates and foreclosure. Through Investor Trustee Services, Pete is an approved bidder in HUD's HVLS and HNVLS reverse-mortgage loan sales, and he buys as principal, never as agent or broker. Pete has worked in distressed real estate since 2008 and is a founding Charter Member of the National Association for Housing Revitalization, which is dedicated to returning aged, distressed and vacant homes to the market as attainable housing and strengthening America's housing inventory.
@investorpete
Contact
Start with the file
- Email the desk
- peter@investortrusteeservices.com
- Desk Hours
- Monday – Friday, 9:00 – 18:00 ET
Nothing you send gets shopped. Files are reviewed internally and never circulated to other buyers, brokers or list vendors.
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