Talk Data to Me: The Interplay Between Forbearance, Foreclosures, and Bankruptcy -Trends and Economic Indicators to Watch [Episode 28]

Talk Data to Me: The Interplay Between Forbearance, Foreclosures, and Bankruptcy - Trends and Economic Indicators to Watch with Scott Fink and Ben Hoen of Weltman

The current economic situation has left many individuals worried about the potential of facing foreclosure or bankruptcy. With growing uncertainty surrounding employment, income, and overall financial stability, it's no surprise that people (and servicers) are concerned about the future of homes and financial well-being.

On this episode of Talk Data to Me, we’ll dive into the residual effects of forbearance agreements resulting from the pandemic and the interplay between foreclosures and bankruptcy.

Experts from Weltman, Weinberg & Reis Co., LPA, Scott Fink and Ben Hoen, explain how foreclosure affects bankruptcy and walk us through how loans migrate back and forth. We'll also take a look at the economic indicators in bankruptcy and foreclosure and the current trends in bankruptcy filings and real estate. As well as discuss the Federal Housing Finance Agency (FHFA)’s announcement from March 2023 about payment deferral for borrowers facing financial hardship. Finally, we'll share our thoughts on the Federal Reserve's reaction to bank failures and how it's affecting mortgage servicers.

Tune in to gain valuable insights and stay ahead of the ever-evolving mortgage industry.

Learn more about Weltman, Weinberg & Reis Co., LPA.

About Our Guests

Benjamin Hoen
Managing Partner, Real Estate Default Group, Weltman, Weinberg and Reis Co, LPA

Ben counsels his clients on the most advantageous real estate default solution for their unique situation.

Initially joining the firm over 20 years ago, Ben has been an integral part of its Real Estate Default Group and its success. With consideration of his commitment to both the firm and its clients, Ben was promoted to shareholder in 2017, where he continued to excel as an attorney. In early 2020, Ben was named as the firm’s new Real Estate Default Group leader, overseeing the department’s overall performance and client satisfaction.

Ben provides real estate default services for a wide range of financial institutions, from large national banks to community banks, credit unions, and private lenders. His clients trust him to help maximize loss mitigation initiatives, ensure compliance with investor guidelines as well as federal and state regulations, and optimize the recovery of assets. Ben’s attentiveness to his client’s needs, his ability to find solutions to complex legal issues, and his clear and timely communication ensure a smooth and timely foreclosure process. His longstanding client relationships are a testament to his solid work ethic and strong results.

Ben received his First Rabbinical Degree from Central Yeshiva Tomchei Tmimim Lubavaitz, before graduating cum laude with his J.D. from Cleveland State University Cleveland-Marshall College of Law. He is well respected in the legal and local community, with multiple affiliations, including the Ohio Bar Association, the Michigan Bar Association, and the Pennsylvania Bar Association. Additionally, Ben sits on the Cleveland Heights Board of Zoning Appeals, the Cleveland Heights Housing Council, and the Board of Trustees at Congregation Zemach Zedek of Cleveland Heights - amongst other organizations. He has been named in six consecutive editions of the Ohio Rising Stars List (2011-16), an honor awarded annually to no more than 2.5 percent of attorneys in the state.

Ben was born in Cleveland, and although briefly living in California, New York, London, and Israel, he found his way back to the 216, where he currently resides. Like any true diehard Clevelander, he loves the pain and suffering of Cleveland sports – and yes, he will always refer to Progressive Field as “The Jake.” One of his favorite memories is when the Cleveland Cavaliers won their first championship in franchise history in 2016. Ben is the oldest of six and is now a father of five children and one pet turtle. In his free time, he enjoys hiking in the Cleveland Metroparks with his family, grilling, and watching Star Wars.

Connect with Benjamin Hoen on LinkedIn.

Scott Fink

Shareholder & Chair of the Bankruptcy Practice Group, Weltman, Weinberg and Reis Co, LPA

Scott’s sensitive approach with his clients – and their deadlines – maximizes their recovery potential.

As chair of the Bankruptcy Practice Group, Scott is responsible for creating and delivering innovative solutions for his clients. He works with vice presidents, managers, and supervisors of default servicing departments, along with their staff who handle the day-to-day servicing of borrowers who file for bankruptcy.

Scott’s clients, mid and large-size national lenders – servicing loans for some of the most well-known commercial and retail entities, are often juggling high volumes of accounts, and dealing with a regulatory environment that leaves little room for error. Practicing solely in bankruptcy for nearly 20 years, Scott is acutely aware of deadlines and filing requirements - and the significant impact they can have on recoveries for his clients. He has overseen hundreds of chapter 11 bankruptcy cases - ranging from negotiation of cash collateral orders and adequate protection agreements, to assumption and rejections of leases. Moreover, his experience in the prosecution of plan objections, analysis of Plans and Disclosure Statements, negotiation of cure amounts, and litigation of relief from stay motions and preference defense actions enables him to best defend his clients’ rights.

Scott is originally from Queens, New York, but he moved around several times during his childhood due to his father’s occupation, he too was an attorney, for a large global corporation. He lived in Connecticut, Rochester, New York, and Dallas, Texas before graduating high school. He was an avid soccer and basketball player, whose “claim to fame” was winning the USA Today National Championship in soccer during his senior year after completing a 24-0 season. Today, Scott calls Hudson, Ohio home with his wife, Robin, and his two children, Arden and Jason. He enjoys watching movies, playing tennis and soccer with his kids, listening to music (he’s a Pearl Jam fanatic), and traveling to the ocean and beach.

Connect with Scott Fink on LinkedIn.

Listen to the Episode Audio (only)