Joseph Seagle
May 23, 2025
By Joseph E. Seagle, Esq.
👋 Happy Friday! Monday is Memorial Day, the nation's foremost annual day to mourn and honor its deceased service men and women. Originally called Decoration Day, it was formalized by a "Memorial Day Order" issued by Grand Army of the Republic Commander-in-Chief John A. Logan in 1868. To learn more about Memorial Day, visit the National Cemetery Administration’s website.
📌 The Big Picture: The Department of Veterans Affairs (VA) has terminated the Veterans Affairs Servicing Purchase (VASP) program as of May 1, 2025, leaving nearly 90,000 veterans with seriously delinquent VA-backed mortgages at heightened risk of foreclosure.
🕰️ Background: Established in 1944 under the Servicemen’s Readjustment Act (GI Bill), the VA loan program was designed to assist World War II veterans in achieving homeownership. Over the decades, it has evolved to offer benefits like zero down payments and competitive interest rates, aiding millions of veterans in securing homes.
⚠️ What’s Happening: The VASP program, introduced during the Biden administration, allowed the VA to purchase delinquent loans and offer veterans new, affordable mortgages. Its termination, attributed to concerns over taxpayer risk and lack of congressional authorization, has sparked criticism from Republican Congressmen who warn of a looming foreclosure crisis among veterans.
Congressional Republicans on the VA Committee say they’re working on a “partial claim” program like the one used in troubled FHA loans, and this will replace VASP. But — in the meantime — tens of thousands of veterans are in danger of losing their homes.
Yes but when NPR investigated the closure of the program, the VA halted foreclosures for a year to give Congress time to replace VASP.
🏠 Impact on Real Estate Professionals:
Realtors & Mortgage Brokers: An anticipated increase in VA loan foreclosures may lead to a surge in refinancing applications and property listings, particularly in markets with high veteran populations (see Jacksonville, Pensacola, Tampa, Brevard County …). This could present opportunities for clients seeking affordable homes, but may also require sensitivity to the circumstances of displaced veterans.
Real Estate Investors: The influx of foreclosed properties could offer investment opportunities at reduced prices. However, ethical considerations and potential community backlash should be weighed when acquiring homes from vulnerable populations, especially in light of current high-profile litigation in Arizona challenging the legality of taking such VA mortgages subject-to.
Title Insurance Agents: A rise in foreclosure transactions may increase demand for title services, necessitating thorough due diligence to navigate potential legal complexities associated with distressed properties, and subject-to transactions involving VA loans may draw the attention of Florida regulators and class-action lawyers.
📈 By the Numbers:
Approximately 90,000 VA-backed loans are seriously delinquent.
Over 20,000 veterans previously benefited from the VASP program.
Foreclosure rates among VA loans have surged to a five-year high following the program’s termination.
🔮 What’s next: The real estate industry should prepare for the ripple effects of increased veteran foreclosures, including shifts in housing demand, property values, and community dynamics. Stakeholders are encouraged to engage with policymakers and veteran support organizations to advocate for solutions that balance market opportunities with social responsibility.
🧠 The Big Picture: Texas House Bill 4063 aims to clamp down on the misuse of a memorandum of contract in real estate deals, a common practice among wholesalers to assert control over properties without holding title. The bill prohibits filing a memorandum unless the contract expressly permits it and includes specific statutory language — backed by penalties for violations.
📜 Why It Matters: For many real estate wholesalers, particularly in states like Florida, where wholesaling thrives, the memorandum serves as a tool to cloud title and block sellers from backing out of contracts. A law like HB 4063, if passed in Texas and mirrored in Florida, could fundamentally alter how wholesalers protect their contractual interests.
📌 Details of HB 4063:
A memorandum of contract must include exact statutory wording warning that it doesn’t create a lien.
The underlying contract must explicitly authorize the filing of a memorandum.
Penalties include statutory damages of $1,000 per day for wrongful filings, plus actual damages and attorney fees.
Courts can issue orders to remove improper filings from public records.
📉 If Florida Follows Suit and enacts a similar law, real estate wholesalers would lose a key enforcement mechanism. Currently, recording a memorandum gives wholesalers leverage, often dissuading sellers from breaching assignment contracts. Removing this option or limiting it to narrowly drafted contracts would shift negotiating power back to property owners.
For investors, the change would:
Raise compliance stakes: Sloppy or aggressive filings could trigger costly penalties.
Force contract revisions: Standard wholesale agreements would need clear language permitting a memorandum.
Increase litigation risks: Sellers and end buyers could challenge improper filings more easily.
🔎 Between the Lines: This legislation reflects a growing scrutiny of wholesaling tactics, especially those perceived as deceptive or abusive. Regulators appear increasingly willing to step in where market practices disrupt seller rights or title clarity.
The Texas Land Title Association proposed and is lobbying for the bill. TLTA is extremely powerful in Texas, just as FLTA is in Florida. When such industry associations recognize a problem and write legislation to fix it, legislators usually listen and take action.
💬 Our Take: Florida wholesalers should monitor this bill closely. It may be a preview of regulatory trends that could spread and reshape real estate deal structures in high-volume wholesale states.
This week on Trust This: Ask Joe Anything, I explain the “Green, Yellow, and Red lights” of asset protection planning timing.
What does it mean when the country’s FICO score drops? Bloomberg (gift link)
Economist Paul Krugman games out what it would mean if the U.S. economy experiences another financial crisis because the world loses faith in our credit. Substack
Home sellers are setting “aspirational” prices while buyers have different ideas. Yahoo Finance
Florida passes law to allow e-mailed eviction notices to tenants. Evict.com
Florida’s pandemic housing boom is over. Heading toward another crash? Tampa Bay Times
International tourism to the U.S. drops 61%, and expected to go lower. Travel and Tour World
U.S. Treasury will no longer mint pennies BBC News
Florida couple’s eviction of a tenant turns into a $366,000 code enforcement violation lawsuit with the city. MoneyWise
April’s home sales dropped to the slowest pace for that month since 2009. CNBC
Ending the Fannie/Freddie conservatorship in the cards? MPAMag
Rufous surmounted a boulder in the front yard on Wednesday to celebrate his 15th birthday. Photo: Philip Richardson
In the world of real estate investing—a battlefield of its own, with market volatility, deal fallout, and regulatory landmines—the difference between failure and success often comes down to one trait: grit.
Many veterans who transition into real estate bring with them a deep well of grit, cultivated not just in combat but in the daily rigors of military life. What separates them isn’t just their courage under fire. It’s their unwavering commitment to routine.
In the service, habits aren’t optional. They’re ingrained—wake at 0500, polish boots, maintain order, complete drills, march 10 miles with a 30-pound rucksack on your back. This structure breeds more than discipline; it builds mental calluses that protect against the paralysis of uncertainty and fear. When a deal collapses, a contractor walks off-site, or a tenant trashes a unit, veterans don’t freeze. They fall back on their routines—reviewing their systems, reassessing the mission, and taking the next step forward.
This habit-driven grit is their secret weapon. It transforms setbacks into data points, delays into opportunities to recalibrate. For veterans, the real estate landscape, however unpredictable, becomes another mission with objectives, timelines, and a path to execution.
As an attorney, I tell investors: adopt the mindset of a veteran:
Build routines that center your day.
Measure progress in actions, not just outcomes.
Create systems that persist when motivation fades.
Cultivate habits that bring you back to the mission when knocked down.
Because grit isn’t just about toughness—it’s about staying on task, day after day, especially when results lag behind effort.
Veterans don’t succeed in real estate because they’ve avoided failure. They succeed because they’ve learned to navigate it with structure and resolve. And that’s a lesson every investor can apply — military background or not.
Go Deeper: Trust This podcast interviews — Veterans John Chin, Bernadeau Charles, Robert Vazquez, and Ricardo Rosales, just to name a few
Looking to formalize your business structure?
Join Besolo CEO Mark Jackson on Tuesday, May 27th for an interactive fireside chat designed specifically for solopreneurs. Besolo has helped hundreds of solopreneurs like you to navigate the challenges of running your own business. Understand the pros, cons, and tax implications of LLCs, S Corps, and Sole Proprietorships.
Get expert insights and actionable tips from our experts with years of experience that is tailored to fractional workers. Seats limited. Reserve your seat now!
We hope you found this helpful — any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.
Was this email forwarded to you? Subscribe here.
Have an idea or issue to share? Email us.
Connect with us using your preferred social media and website links for MyLandTrustee and Aspire Legal Solutions.
Our mailing address: PO Box 547945, Orlando, FL 32854-7945
Our physical address: 1901 West Colonial Drive, First Floor, Orlando, FL 32804
Be on the lookout for our next issue! 👋
Joseph Seagle
May 23, 2025
By Joseph E. Seagle, Esq.
👋 Happy Friday! Monday is Memorial Day, the nation's foremost annual day to mourn and honor its deceased service men and women. Originally called Decoration Day, it was formalized by a "Memorial Day Order" issued by Grand Army of the Republic Commander-in-Chief John A. Logan in 1868. To learn more about Memorial Day, visit the National Cemetery Administration’s website.
📌 The Big Picture: The Department of Veterans Affairs (VA) has terminated the Veterans Affairs Servicing Purchase (VASP) program as of May 1, 2025, leaving nearly 90,000 veterans with seriously delinquent VA-backed mortgages at heightened risk of foreclosure.
🕰️ Background: Established in 1944 under the Servicemen’s Readjustment Act (GI Bill), the VA loan program was designed to assist World War II veterans in achieving homeownership. Over the decades, it has evolved to offer benefits like zero down payments and competitive interest rates, aiding millions of veterans in securing homes.
⚠️ What’s Happening: The VASP program, introduced during the Biden administration, allowed the VA to purchase delinquent loans and offer veterans new, affordable mortgages. Its termination, attributed to concerns over taxpayer risk and lack of congressional authorization, has sparked criticism from Republican Congressmen who warn of a looming foreclosure crisis among veterans.
Congressional Republicans on the VA Committee say they’re working on a “partial claim” program like the one used in troubled FHA loans, and this will replace VASP. But — in the meantime — tens of thousands of veterans are in danger of losing their homes.
Yes but when NPR investigated the closure of the program, the VA halted foreclosures for a year to give Congress time to replace VASP.
🏠 Impact on Real Estate Professionals:
Realtors & Mortgage Brokers: An anticipated increase in VA loan foreclosures may lead to a surge in refinancing applications and property listings, particularly in markets with high veteran populations (see Jacksonville, Pensacola, Tampa, Brevard County …). This could present opportunities for clients seeking affordable homes, but may also require sensitivity to the circumstances of displaced veterans.
Real Estate Investors: The influx of foreclosed properties could offer investment opportunities at reduced prices. However, ethical considerations and potential community backlash should be weighed when acquiring homes from vulnerable populations, especially in light of current high-profile litigation in Arizona challenging the legality of taking such VA mortgages subject-to.
Title Insurance Agents: A rise in foreclosure transactions may increase demand for title services, necessitating thorough due diligence to navigate potential legal complexities associated with distressed properties, and subject-to transactions involving VA loans may draw the attention of Florida regulators and class-action lawyers.
📈 By the Numbers:
Approximately 90,000 VA-backed loans are seriously delinquent.
Over 20,000 veterans previously benefited from the VASP program.
Foreclosure rates among VA loans have surged to a five-year high following the program’s termination.
🔮 What’s next: The real estate industry should prepare for the ripple effects of increased veteran foreclosures, including shifts in housing demand, property values, and community dynamics. Stakeholders are encouraged to engage with policymakers and veteran support organizations to advocate for solutions that balance market opportunities with social responsibility.
🧠 The Big Picture: Texas House Bill 4063 aims to clamp down on the misuse of a memorandum of contract in real estate deals, a common practice among wholesalers to assert control over properties without holding title. The bill prohibits filing a memorandum unless the contract expressly permits it and includes specific statutory language — backed by penalties for violations.
📜 Why It Matters: For many real estate wholesalers, particularly in states like Florida, where wholesaling thrives, the memorandum serves as a tool to cloud title and block sellers from backing out of contracts. A law like HB 4063, if passed in Texas and mirrored in Florida, could fundamentally alter how wholesalers protect their contractual interests.
📌 Details of HB 4063:
A memorandum of contract must include exact statutory wording warning that it doesn’t create a lien.
The underlying contract must explicitly authorize the filing of a memorandum.
Penalties include statutory damages of $1,000 per day for wrongful filings, plus actual damages and attorney fees.
Courts can issue orders to remove improper filings from public records.
📉 If Florida Follows Suit and enacts a similar law, real estate wholesalers would lose a key enforcement mechanism. Currently, recording a memorandum gives wholesalers leverage, often dissuading sellers from breaching assignment contracts. Removing this option or limiting it to narrowly drafted contracts would shift negotiating power back to property owners.
For investors, the change would:
Raise compliance stakes: Sloppy or aggressive filings could trigger costly penalties.
Force contract revisions: Standard wholesale agreements would need clear language permitting a memorandum.
Increase litigation risks: Sellers and end buyers could challenge improper filings more easily.
🔎 Between the Lines: This legislation reflects a growing scrutiny of wholesaling tactics, especially those perceived as deceptive or abusive. Regulators appear increasingly willing to step in where market practices disrupt seller rights or title clarity.
The Texas Land Title Association proposed and is lobbying for the bill. TLTA is extremely powerful in Texas, just as FLTA is in Florida. When such industry associations recognize a problem and write legislation to fix it, legislators usually listen and take action.
💬 Our Take: Florida wholesalers should monitor this bill closely. It may be a preview of regulatory trends that could spread and reshape real estate deal structures in high-volume wholesale states.
This week on Trust This: Ask Joe Anything, I explain the “Green, Yellow, and Red lights” of asset protection planning timing.
What does it mean when the country’s FICO score drops? Bloomberg (gift link)
Economist Paul Krugman games out what it would mean if the U.S. economy experiences another financial crisis because the world loses faith in our credit. Substack
Home sellers are setting “aspirational” prices while buyers have different ideas. Yahoo Finance
Florida passes law to allow e-mailed eviction notices to tenants. Evict.com
Florida’s pandemic housing boom is over. Heading toward another crash? Tampa Bay Times
International tourism to the U.S. drops 61%, and expected to go lower. Travel and Tour World
U.S. Treasury will no longer mint pennies BBC News
Florida couple’s eviction of a tenant turns into a $366,000 code enforcement violation lawsuit with the city. MoneyWise
April’s home sales dropped to the slowest pace for that month since 2009. CNBC
Ending the Fannie/Freddie conservatorship in the cards? MPAMag
Rufous surmounted a boulder in the front yard on Wednesday to celebrate his 15th birthday. Photo: Philip Richardson
In the world of real estate investing—a battlefield of its own, with market volatility, deal fallout, and regulatory landmines—the difference between failure and success often comes down to one trait: grit.
Many veterans who transition into real estate bring with them a deep well of grit, cultivated not just in combat but in the daily rigors of military life. What separates them isn’t just their courage under fire. It’s their unwavering commitment to routine.
In the service, habits aren’t optional. They’re ingrained—wake at 0500, polish boots, maintain order, complete drills, march 10 miles with a 30-pound rucksack on your back. This structure breeds more than discipline; it builds mental calluses that protect against the paralysis of uncertainty and fear. When a deal collapses, a contractor walks off-site, or a tenant trashes a unit, veterans don’t freeze. They fall back on their routines—reviewing their systems, reassessing the mission, and taking the next step forward.
This habit-driven grit is their secret weapon. It transforms setbacks into data points, delays into opportunities to recalibrate. For veterans, the real estate landscape, however unpredictable, becomes another mission with objectives, timelines, and a path to execution.
As an attorney, I tell investors: adopt the mindset of a veteran:
Build routines that center your day.
Measure progress in actions, not just outcomes.
Create systems that persist when motivation fades.
Cultivate habits that bring you back to the mission when knocked down.
Because grit isn’t just about toughness—it’s about staying on task, day after day, especially when results lag behind effort.
Veterans don’t succeed in real estate because they’ve avoided failure. They succeed because they’ve learned to navigate it with structure and resolve. And that’s a lesson every investor can apply — military background or not.
Go Deeper: Trust This podcast interviews — Veterans John Chin, Bernadeau Charles, Robert Vazquez, and Ricardo Rosales, just to name a few
Looking to formalize your business structure?
Join Besolo CEO Mark Jackson on Tuesday, May 27th for an interactive fireside chat designed specifically for solopreneurs. Besolo has helped hundreds of solopreneurs like you to navigate the challenges of running your own business. Understand the pros, cons, and tax implications of LLCs, S Corps, and Sole Proprietorships.
Get expert insights and actionable tips from our experts with years of experience that is tailored to fractional workers. Seats limited. Reserve your seat now!
We hope you found this helpful — any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.
Was this email forwarded to you? Subscribe here.
Have an idea or issue to share? Email us.
Connect with us using your preferred social media and website links for MyLandTrustee and Aspire Legal Solutions.
Our mailing address: PO Box 547945, Orlando, FL 32854-7945
Our physical address: 1901 West Colonial Drive, First Floor, Orlando, FL 32804
Be on the lookout for our next issue! 👋
and Florida's condo market is sinking
But if stagflation rears its head, the government may have to go even deeper on its bets in Fannie and Freddie that started in the last Great Recession
And borrowers' fear of rejection is preventing them from applying for new credit or refinances
00Trust This.Posts🎖️ Trust This: This Memorial Day, Veterans are fighting [...]
Trust This. Posts Trust This: Florida’s new non-compete bill Trust [...]
00 Trust This. Posts 🎯 Trust This: Targeting Section 8 [...]
00 Trust This. Posts 👷♂️ Trust This: Builders facing tariff [...]
Joseph Seagle
May 02, 2025
In partnership with
By Joseph E. Seagle, Esq.
👋 Happy Friday! Tomorrow, being the first Saturday in May, is the 🏇🏾 Kentucky Derby. Get ready for those crazy 👒 hats.
❗️Situation Awareness: Our offices will be closed on Memorial Day.
📍 The big picture: A volatile U.S. tariff environment is hiking up construction material costs just as the spring housing season sputters, adding new friction to a market already struggling with high mortgage rates and buyer hesitation.
🧱 What’s happening:
A 10% blanket tariff and 145% tariffs on Chinese imports are causing supplier price hikes—averaging 6.3%—for essential building materials like lumber and steel.
Homebuilders estimate these tariffs could increase the average price of a new home by $10,900.
Residential housing starts fell 11.4% in March, while permits dropped 3.1% year-over-year as builders brace for economic uncertainty.
🏗️ Why it matters to you:
Realtors: Expect continued affordability challenges. Entry-level buyers are being priced out, making it tougher to move inventory unless significant incentives are offered.
Mortgage Brokers: Loan volume may dip as buyers get cold feet, delaying mortgage applications or downsizing their purchase ambitions.
Title Agents: Slower construction means fewer transactions down the line. Prepare for a shift toward resale markets and refinances.
💡 Zoom in:
Builders like D.R. Horton are delaying cost pass-throughs until 2026. But smaller builders, with tighter margins, may need to raise prices now or exit markets altogether.
Companies like Hapi Homes are pivoting to 100% domestic supply chains, eating a 5% average cost increase to stabilize long-term pricing.
📊 Between the lines:
Domestic sourcing may offer a hedge, but not a discount. Historically, U.S. suppliers have used tariffs’ market protections to reduce competition as an opportunity to raise prices on domestic goods, too.
Expect home sizes and customization options to shrink as builders tighten efficiency to cater to cost-conscious buyers.
🔮 What’s next: Watch for builder M&A activity as large players acquire land and operations from struggling small- to mid-size firms. Also, keep an eye on supply chain trends—relationships with domestic suppliers are becoming strategic assets.
Go deeper: Orlando Business Journal
📉 The Big Picture: Florida’s real estate market, once a beacon of growth, is now showing signs of strain. According to Cotality’s recent report, the state faces challenges like slowing demand, rising insurance costs, and an oversupply of homes, particularly in areas like Winter Haven, Tampa, and West Palm Beach.
📊 By the Numbers
Winter Haven: Median home prices rose from $234,900 in January 2021 to $314,950 in January 2025. However, it’s now considered at “very high risk” for a price decline .
Tampa: Home prices increased from $265,000 in 2021 to $360,000 in early 2025. It’s ranked third nationally for potential price declines .
West Palm Beach: Median prices jumped from $323,000 in 2021 to $485,000 in 2025. It’s fifth on the list of markets at high risk for price drops .
🏘️ What’s Driving the Shift?
Insurance Woes: Florida homeowners face the highest insurance premiums in the U.S., averaging $2,625 annually, 24% above the national average .
Inventory Surge: January 2025 saw a record 172,209 homes for sale in Florida, a 22.7% increase year-over-year, leading to a buyer’s market .
Migration Patterns: While Florida attracted 1.8 million new residents since 2020, the pace has slowed, with many now relocating to neighboring states like Georgia and North Carolina .
🧭 Implications for Real Estate Professionals
Realtors: Adjust pricing strategies to reflect the current market dynamics. Emphasize properties with competitive insurance rates and highlight value over luxury.
Mortgage Brokers: Prepare clients for potential appraisal challenges. Offer guidance on navigating insurance premiums and property taxes.
Title Insurance Agents: Stay informed about regional risks, especially in high-risk areas, to advise clients accurately and adjust coverage options accordingly.
📌 Bottom Line: Florida’s real estate landscape is evolving. Professionals must stay agile, informed, and proactive to navigate these changes and continue to serve clients effectively.
Go deeper: Cotality (formerly known as CoStar)
Naples estate sells for $255 million to Florida land trust … but did they use the trust to conceal the purchase price? Obviously not. Wall Street Journal (subscription)
Vacant Miami Beach home lot sells for $23 million. They got our location wrong and said we were the land trust buyer when we were actually the seller, but at least they spelled our name right. South Florida Business Journal (gift link)
DOGE aide dismantling CFPB owns stock in companies that could benefit from the cuts. Propublica
East Texas Title Company files suit against FinCEN in an effort to block implementation of the rule requiring disclosure of trust and entity beneficiaries, starting December 1. KETK News
Zillow predicts home prices will slide by almost 2% over the next year. Zillow
U.S. Consumer Confidence fell in April to its lowest level since the pandemic. AP and The Conference Board
U.S. Consumer spending surged in March as inflation continued to cool. Reuters
U.S. Economy shrinks for the first time in three years. Newsweek
U.S. Manufacturing activity has shrunk the most since November. Bloomberg (gift link)
The inventory of homes for sale rose 30.6% year over year in April, as 18% of homes saw a price reduction. It’s a buyer’s market for the first time in a long time. Realtor
These are the kinds of snowballs I prefer to see when in Asheville.
In real estate and business, mindset isn’t part of the game — it IS the game.
If you want to dominate, not just survive, you need to know the difference between consumers and producers, and why an abundance mindset crushes scarcity thinking every single time.
Consumers vs Producers:
Consumers wait for the perfect opportunity. They chase shiny objects. They hope someone else makes it easy.
Producers?
🔥 They build opportunities.
🔥 They create deals.
🔥 They solve problems.
Producers know that opportunity isn’t found — it’s made.
Scarcity vs Abundance:
Scarcity says: “There’s not enough for me.”
Abundance says: “There’s more than enough if I create value.”
Scarcity hoards and hesitates.
Abundance collaborates, takes action, and wins.
Bottom Line:
Producers with an abundance mindset don’t just close more deals — they create whole new markets.
If you want bigger wins, bigger impact, and bigger income, it starts with thinking bigger.
⚡ Be the producer.
⚡ Live in abundance.
⚡ Make it happen.
You’ve got this — and we’re rooting for you.
This is the easiest way for a busy person wanting to learn AI in as little time as possible:
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We hope you found this helpful — any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.
Was this email forwarded to you? Subscribe here.
Have an idea or issue to share? Email us.
Connect with us using your preferred social media and website links for MyLandTrustee and Aspire Legal Solutions.
Our mailing address: PO Box 547945, Orlando, FL 32854-7945
Our physical address: 1901 West Colonial Drive, First Floor, Orlando, FL 32804
Be on the lookout for our next issue! 👋
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But if stagflation rears its head, the government may have to go even deeper on its bets in Fannie and Freddie that started in the last Great Recession
📉 New home sales stalling
And borrowers' fear of rejection is preventing them from applying for new credit or refinances