Trust This.
By Joseph E. Seagle, Esq.
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There will be no newsletter or podcast next week while I’m enjoying my Spring Break vacation.
1 big thing: Cancellations 📈, wars, and mortgage volatility cement 2026 buyer’s market
Florida entrepreneurs and investors aren’t just dealing with a housing cycle — they’re navigating a global macro overlay. Redfin’s February data already showed rising contract cancellations and softening prices. Now, the escalating Iran war is adding a second force: volatility in mortgage rates and buyer psychology.
Vision: A buyer’s market—disrupted by global risk
The structural shift is still intact: more inventory, more cancellations, and less seller leverage. But the Iran conflict is disrupting what looked like a clean transition to a stable, buyer-friendly market.
Mortgage rates, which briefly dipped below 6%, have reversed course — jumping to roughly 6.5% as oil prices surge and inflation fears return.
This creates a paradox:
Buyers have leverage on price
But less certainty on financing
For Florida, that tension is amplified. Migration is slowing slightly, insurance costs remain elevated, and now borrowing costs are volatile again.
Traction: Tactical moves in a volatile window
This is no longer just a pricing game — it’s a timing and structure game.
For investors and operators:
Lock rates opportunistically. The market is swinging week-to-week due to geopolitical uncertainty.
Negotiate harder on price and terms — especially if a seller is facing deal fallout.
Build wider margins. Assume financing costs may move against you mid-deal.
For professional practices:
Consider shorter-term leases or rate locks before committing to long-term occupancy costs.
Re-run acquisition models with stress-tested interest rates (6.5%+ scenarios).
The key shift: uncertainty is now a core underwriting variable.
People / Process / Data: What’s actually driving the market
Three forces are now interacting:
Housing fundamentals
Rising inventory and cancellations are weakening seller control.
Energy and inflation shock
Oil prices have surged roughly 25% since the war began, feeding inflation expectations.
Interest rate volatility
Mortgage rates track Treasury yields, which are swinging based on inflation fears and global instability.
This combination produces inconsistent buyer behavior — some rushing in, others freezing entirely.
The takeaway for Florida entrepreneurs
Yes, it’s a buyer’s market — but not a calm one.
You have pricing power, but less predictability. That rewards disciplined buyers with liquidity and punishes anyone relying on tight margins or perfect timing.
What’s next
Watch two indicators closely:
Oil prices (inflation signal)
Treasury yields (rate direction)
If the conflict stabilizes, rates could fall, and demand could snap back quickly. If it escalates, expect prolonged volatility — and a slower, choppier real estate recovery in Florida.
Either way, the easy deals are gone. The smart ones are just beginning.
2. How other states are tackling zombie second mortgages
More than 600,000 second mortgages from the pre-2008 era remain outstanding nationwide, many quietly sold to debt buyers for pennies on the dollar.
Now, collectors are reviving them — often demanding decades of interest and threatening foreclosure.
Borrowers frequently don’t remember the loan exists
Some claims may exceed statutes of limitation
Enforcement is accelerating as federal oversight weakens
Why it matters: This isn’t fringe. It’s a secondary mortgage market strategy, and Florida—heavy with legacy real estate deals—is a prime target.
What’s happening in the states (and why Florida should care)
States are becoming the battleground.
Only a handful of states have passed laws addressing zombie mortgages
Some laws now require proof of loan ownership and accurate interest calculations
Others attempt to limit foreclosure timelines
But progress is uneven and heavily opposed by lenders and debt buyers who argue restrictions could disrupt the secondary mortgage market.
Key tension:
Consumer protection vs. liquidity in mortgage-backed assets.
Florida angle:
Florida already has a 5-year statute of limitations for foreclosure actions (with nuance) — but zombie loan litigation could test how those rules apply to charged-off or modified second liens.
Execution risk: What investors and professionals must do now
This is where it gets real:
For real estate investors:
Audit portfolios for old second liens or HELOCs
Confirm satisfaction or release documentation
Review title policies for exceptions to coverage, and don’t assume there is coverage of such old mortgage liens if an argument can be made that you knew it was there when you purchased or refinanced.
For attorneys and advisors:
Look for negotiation leverage:
Expect litigation over statute of limitations and standing
Scrutinize chain of title on distressed debt buyers
Watch for FDCPA and state consumer claims
Watch for bankruptcy discharge violations if the debtor has been discharged in bankruptcy. While the mortgage lien may still exist, if the demand for payment isn’t well-drafted, a discharge violation may provide negotiation leverage.
For lenders and dealmakers:
Secondary market trades may face new compliance burdens
Pricing of distressed debt could shift if enforcement tightens
The takeaway for Florida entrepreneurs
This is a hidden liability issue masquerading as old paperwork.
If you own property, lend money, or advise clients:
Assume nothing is truly “dead debt” unless the title underwriter agrees that the debt is expired and unenforceable because the statute of limitations has run out
Build processes to verify, document, and extinguish old liens
Treat title diligence like litigation prevention—not a checkbox
What’s next
Expect:
More state-level legislation
Increased class action and borrower defense litigation
Potential federal re-engagement—or continued vacuum
The smart move now? Get ahead of it. Because in this market, the past isn’t just prologue — it’s collateral.
Go deeper: Bloomberg (gift link)
This week on the Trust This podcast, I go deep on the court cases that shut down the FinCEN Real Estate Reporting Rule, and I follow up with a second video to discuss FinCEN’s “guidance.”
3. Don’t accidentally leave out the grandchildren
Many people think their will or trust controls who gets what after death. Not always. For retirement accounts, life insurance, and many annuities, the beneficiary form usually controls. That means a tiny phrase on a form can decide whether a deceased child’s share passes to that child’s kids—or vanishes into the shares of surviving siblings.
What’s new: A March 15, 2026 Kiplinger article spotlighted a problem most families never discuss: the difference between per stirpes and per capita beneficiary designations. Kiplinger’s warning is simple but sharp—many families do not realize the choice can determine whether grandchildren inherit at all.
The big picture: Per capita means “by head.” If one named beneficiary dies before the account owner, that person’s share is typically redistributed among the surviving named beneficiaries. Per stirpes means “by branch,” so the deceased beneficiary’s share usually passes down to that person’s descendants. Fidelity’s beneficiary materials reflect that same distinction and note that per stirpes often must be selected expressly rather than assumed.
Key takeaways:
Beneficiary forms often override wills and trusts for retirement accounts.
Financial institutions do not all use the same defaults. Some require a specific per stirpes election.
Major life events—death, divorce, remarriage, births—should trigger a beneficiary review. FINRA and Fidelity both urge regular updates after life changes.
Bottom line: If your estate plan is meant to protect each family branch, beneficiary designations deserve a fresh audit. This is exactly the kind of detail that makes people say, “We had a plan,” right before discovering the paperwork had other comedic ambitions.
Go deeper: AspireLegal.com
4. How two concepts of time hold you back or propel you forward
Appreciating a blooming azalea in Spring while taking some deep breaths can help you get into kairos.
Small business owners grind inside calendars, deadlines, and endless to-do lists—yet still feel stuck. That’s the trap of Chronos vs. Kairos thinking. One keeps you busy. The other makes you unstoppable.
Chronos vs. Kairos: What’s the Difference?
Chronos (clock time): Linear, scheduled, measurable. It’s your calendar, meetings, and task lists. Intrinsic. Think “hours.”
Kairos (opportune time): Flow-based, creative, intuitive. It’s when insight strikes, decisions click, and momentum compounds. Extrinsic. Think “seasons.”
Chronos is where you manage your business. Kairos is where you transform it.
Why Chronos Caps You at 2X Growth
Operating purely in Chronos leads to incremental gains:
You optimize processes instead of reinventing them
You check off tasks instead of solving real bottlenecks
You stay reactive instead of visionary
In EOS terms, this is running on activity—not traction. You’re busy… but not breaking through.
How to Enter Kairos and Unlock 10X Growth
To scale beyond incremental growth, you must deliberately create space for Kairos:
1. Set Vision Before Velocity
Revisit your Vision/Traction Organizer (V/TO) weekly
Ask: What would 10X look like if constraints didn’t exist?
Big growth requires thinking beyond the calendar
2. Protect “Flow Time” Like a Rock
Schedule 2–4 hour blocks with zero interruptions
No email. No meetings. Just deep thinking or creation
This is where strategic breakthroughs happen
3. Shift from Tasks to Outcomes
Replace long to-do lists with Quarterly Rocks tied to results
Focus your team on impact, not activity
Accountability becomes about progress, not busyness
The Bottom Line: If you’re always in Chronos, you’ll always chase efficiency. If you learn to operate in Kairos, you’ll create exponential growth.
Your move: Block two hours this week. No distractions. No agenda beyond one question: What’s the boldest move we’ve been avoiding?
That’s where your next level is hiding.
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