All Forum Posts by: Ivailo Dimov

Hi,

I am a homeowner in Portland, OR, who recently moved out of state and I am looking for a good property manager for my property. Does anyone have good recommendations of specific companies/people, or how to approach my property manager search?

Thank you!
Ivailo

Thanks, everyone. I straightened out everything with my lender and things worked out! I was worried that switching to regular ARM 5/1 has me pay principal that I haven't received. But it turns out any principal not disbursed to me yet is still on interest-only. Everything else is ARM. That point wasn't clear to me at first.

Hi,
I have been investing in Allentown / Bethlehem area, but currently looking into Easton, PA. What are the bad areas in there that I should stay away from investing? E.g. in Allentown I wouldn't invest anywhere east of 8th street and south of Tilghman. Are there areas like that in Easton and which ones are they? Thanks in advance!

Hi,
I bought a home on a commercial renovation loan structured as follows. Before construction, the home was appraised for $80,000, and after-complete the appraisal value is $120,000. The lender was supposed to disburse 70% of the renovation home value improvement, or .7 x $40,000 = $28,000, in the form of up to 3 payments done after appraising the completion of each phase of the construction. During the construction process, the loan was to be interest-only, after which it would become a 15 year 5/1 ARM loan on 70% of the after-complete amount, i.e. $84,000.

Now, because of bad weather and 3 months of unexpected construction delays (contractor found plumbing and electric issues so I had to wait for permits and fix them out of my own pocket), I only got reimbursed $13,600, for phase 1 of my construction. The remaining $13,400 I did not get reimbursed for. But as the original construction was set to be complete for 3 months, which was the interest-only loan term, the bank automatically converted my interest-only loan into 5/1 ARM on the full amount, without me having received any of the $13,400.

The worst part is, my loan officer got fired from the bank and currently no one is responding to my requests to 1) get reimbursed for the amount of principal payment I've been paying them over the past 2 months for the extra $13,400 I haven't seen, 2) override the original 3 months interest-only term to a 6 or 7 month term so that the rest of the construction is complete and I get reimbursed for all phases of the renovations.

I am frustrated with the way my lender is handling the situation and I would like to see what my options are if they continue to be unresponsive. Could I take the lender to small claims, and what is the procedure for that? I wouldn't want to pay thousands for legal fees given that I just want to be reimbursed for $13,400 and for any unnecessary principal payments. The loan was issued by a Southhampton, PA lender.

Thanks