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
Distressed single-family homebuyer
We Buy the Homes Others Won't Untangle
Probate, foreclosure, title problems and liens — the complicated single-family house, priced as one file and closed on our own balance sheet.
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
A disposition exit for HVLS and HNVLS pool purchasers
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. We take assets off your pool as principal, on our own balance sheet — including the tail your model excluded and the states your servicer will not travel to — so your capital rotates instead of sitting in a workout.
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.
Probate & title
An unsettled estate clouds title on every asset in the pool. We run probate and quiet-title work in house rather than pricing around it.
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 →
Peter Quinones
President
Who We Are
Built for the complicated half of the housing market
Most buyers want a clean file: vacant, marketable title, a cooperative seller. That leaves a large amount of American housing stuck in probate court, in a trustee's inventory, or on a servicer's books for years.
We underwrite the complication instead of excluding it. Because we take the whole file rather than cherry-picking it, sellers get one transaction and one closing date instead of a slow bleed of individual sales and broken escrows.
0
Assignment fees layered on your price
We buy with our own capital. We are the principal, not a middleman marking up your file.
1
Diligence pass across the entire pool
We confirm once. Pricing is not reopened asset by asset after the bid is accepted.
NDA
Signed before any tape review
Files are reviewed internally and never circulated to other buyers, brokers or list vendors.
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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