Private note holders
Including sellers who carried financing
Authority to sellThe holder of the note
What we’ll ask forThe original note, the recorded mortgage and the payment history
Investor Trustee Services acquires non-performing residential mortgage notes secured by Florida property: loans that are delinquent, in default, in foreclosure, or where the borrower is in bankruptcy. That includes consumer mortgages and business-purpose loans to investors: hard money, private money, bridge and fix-and-flip loans. We buy single assets and small pools, for our own account, from private note holders, hard money and private lenders, estates, banks, credit unions, servicers and bankruptcy trustees.
Each note is priced individually after review of the collateral file, the payment history and the property. Bids are made in writing, every purchase is direct, with Investor Trustee Services as the buyer of record, and closings run through a title or escrow agent.
After closing, we assume the borrower relationship, loss mitigation and any foreclosure, through a licensed servicer and Florida counsel.
We buy whole notes that meet these criteria.
Each has its own authority to sell, and we structure the purchase around it.
Including sellers who carried financing
Authority to sellThe holder of the note
What we’ll ask forThe original note, the recorded mortgage and the payment history
Including lending funds
Authority to sellThe lender or fund that holds the note, under a loan sale agreement
What we’ll ask forThe loan agreement, any guaranty, the draw history and the collateral file
A note is generally personal property, so the personal representative can usually sell it without a separate court order, unless the will or the court provides otherwise (Fla. Stat. § 733.612(5), (21)). Heirs who received the note by distribution sell it directly
What we’ll ask forLetters of administration, or the distribution documents
The owner of record, under a loan sale agreement, with servicing transferred to our servicer
What we’ll ask forA data tape, the collateral file and servicing notes
A sale outside the ordinary course of business requires notice to creditors and an opportunity for a hearing; if no one objects in time, the court can approve it without one (11 U.S.C. §§ 363(b)(1), 102(1))
What we’ll ask forYour case details. We sign subject to the sale process the case requires and close once the sale is authorized. Where the court enters a sale order, that is after its 14-day stay has run, unless the court orders otherwise (Fed. R. Bankr. P. 6004(h))
Non-performing first-lien notes on Florida residential property, including hard money and private loans, single assets or small pools. Every bid is made in writing after review.
Submit a note →Pricing follows the expected resolution: what the collateral is worth, how the loan will be resolved, and how long that will take. The main inputs:
A current valuation of the property, its condition and its occupancy.
Unpaid principal, accrued interest, and escrow and corporate advances, measured against the property's value.
The date and amount of the last payment, any prior workouts, and the borrower's capacity to reinstate.
Florida forecloses judicially (Fla. Stat. § 702.01), so a filed and active case carries more value than one not yet started.
A foreclosing plaintiff must plead that it holds the original note, or attach a lost-note affidavit, and a lost note requires adequate protection such as a bond before judgment (Fla. Stat. §§ 702.015, 702.11). A complete file with the original note and an unbroken chain of endorsements and assignments prices higher.
For a fix-and-flip or bridge loan, the stage of construction, open permits, any undisbursed holdback, and whether the mortgage was recorded before any notice of commencement. Contractor, subcontractor and supplier liens take priority from the recording of the notice of commencement over a mortgage recorded after it, while a mortgage recorded before the notice keeps its priority, including for funds disbursed later (Fla. Stat. § 713.07(2)–(3)). A notice of commencement is void if work doesn't begin within 90 days, and has no effect against a mortgage recorded more than 1 year after it, unless the notice states a later date (Fla. Stat. § 713.13(2), (6)).
The note rate, points, extension fees and default interest, reviewed against Florida's usury limits (Fla. Stat. §§ 687.02, 687.03, 687.071), and who guaranteed the loan.
An action to foreclose a mortgage carries a 5-year limitations period (Fla. Stat. § 95.11(2)(c)), and the lien ends 5 years after the maturity date when that date appears in the record (Fla. Stat. § 95.281). Older defaults and matured notes need a closer look, so share those dates up front.
Unpaid property taxes are a first lien, superior to all other liens (Fla. Stat. § 197.122), and association, code enforcement and other liens can affect recovery.
If the borrower has filed, the chapter, the plan and the treatment of the claim.
Send the basics through the form or to the desk: unpaid balance, rate, last payment date, property location, foreclosure and bankruptcy status, and whether you hold the original note. Institutions and lending funds can send a data tape.
We review the collateral file, the payment history, title and the property, and tell you what else we need to price the note.
Every bid is in writing. There's no set timeline: some notes need a title search or a review of the court file before we can price them.
We sign a purchase agreement, subject to court approval where a trustee or court must approve the sale, and complete our review of the collateral file.
Closing runs through a title or escrow agent. You endorse the note to us or sign an allonge, sign an assignment of mortgage and deliver the original note, and funds are released at closing. The assignment is recorded: an unrecorded assignment isn't effective against creditors or later purchasers for value without notice (Fla. Stat. § 701.02).
Servicing moves to our servicer, and in a pending foreclosure our counsel steps into the case. For a consumer loan, including a seller-financed note, we send the borrower the notice of transfer that federal law requires of a new owner within 30 days (12 C.F.R. § 1026.39). Loans to an LLC or other entity, and loans made primarily for a business purpose, fall outside that rule (12 C.F.R. § 1026.3(a)); for a loan to an individual, we confirm the purpose from the loan file. Either way, the borrower is told of the transfer.
Have these ready, or tell us what's missing:
A missing original note doesn't rule out a sale. A buyer can enforce a lost note it acquired from the person entitled to enforce it when it was lost (Fla. Stat. § 673.3091), but enforcement takes an affidavit and court-ordered protection, which lowers the price.
Funds and institutional investors that bid on pools, marketplaces that list notes for other buyers, and direct buyers that purchase single assets and small pools for their own account. Investor Trustee Services is a direct buyer, so you deal with one counterparty from bid to closing.
Submit the basics, provide the collateral file for review, and accept a written bid. Closing runs through a title or escrow agent: you endorse the note or sign an allonge, assign the mortgage and deliver the original note against payment.
Yes. That's the core of what we buy. A non-performing note trades at a discount to its balance because the buyer takes on the time, legal cost and risk of resolving it.
Yes, at any stage before the sale. After closing, our counsel steps into the case.
Yes. We buy non-performing first-lien hard money, private money, bridge and fix-and-flip loans on Florida residential property, including loans past maturity and rehabs that stalled. Tell us at the start about any undisbursed holdback or remaining draw obligation; it's part of the review.
It can still be sold. Enforcement takes a lost-note affidavit and court-ordered adequate protection, and the price reflects that (Fla. Stat. §§ 673.3091, 702.015, 702.11).
A personal representative can usually sell a note without a separate court order, unless the will or the court provides otherwise (Fla. Stat. § 733.612(5), (21)). A bankruptcy trustee's sale outside the ordinary course requires notice to creditors and an opportunity for a hearing; if no one objects in time, the court can approve it without one (11 U.S.C. §§ 363(b)(1), 102(1)).
No. We buy whole, non-performing first-lien notes on Florida residential property.
This page is general information as of October 2026, not legal, tax or investment advice. Investor Trustee Services purchases notes for its own account; it is not a lender, a law firm, a mortgage broker or a loan servicer. All bids are subject to review of the note, the collateral file, title and the property.
Investor Trustee Services · Updated October 2026
Analysis of the distressed single-family market, built on primary data from HUD and the Federal Reserve.
Investor Trustee Services acquires and resells real property for its own account. Nothing on this site is an offer to sell or a solicitation of an offer to buy any security, nor is it investment, legal, tax or accounting advice. We do not act as a fiduciary, trustee or custodian for any third party. All acquisitions are subject to diligence, title review and a definitive written agreement.
Bid turnaround and closing timelines shown on this site are typical and depend on court confirmation, trustee approval, title curative work and servicer processes we do not control. Response times and closing periods are targets, not guarantees. No timeline is promised for note purchases or institutional bids.
Program descriptions and definitions are drawn from the FHA Office of Asset Sales. Investor Trustee Services is not affiliated with, endorsed by, approved by, or acting on behalf of HUD, FHA, or any transaction specialist engaged by them. Chart figures represent unpaid principal balance and loan counts as announced by HUD for each sale — amounts offered, not sale results. HNVLS 2026-1 was postponed from its February 2026 bid date. Source: hud.gov/hud-partners/housing-asset-sales
U.S. indicators are retrieved from FRED, Federal Reserve Bank of St. Louis. The 30-year fixed rate average is published by Freddie Mac and reproduced with citation as required. Single-family mortgage delinquency is published by the Board of Governors of the Federal Reserve System. Months' supply of new houses is published by the U.S. Census Bureau and HUD. Figures are updated periodically and may lag current market conditions. Florida figures are from Florida REALTORS® monthly market reports: closed sales and median sale price for the month shown, with the change from a year earlier.