Thursday, April 27, 2006

It's all very confusing...

Holy Croly, am I busy! This is hell week for the show. We open tomorrow. Audience dress rehearsal tonight. I think an audience is what this show needs. It's been a rough week full of long days and late nights or rehearsing. But, the final product will be completely worth it all. Extra bonuses: Me with funky facial hair plus the hair-raising possibility an actual real, live horse might shit on me. Now THAT'S Entertainment! More info about the show and how you can see it at the end of this post...

In the meantime, the house buying is slightly on hold. I'll will try to explain this as best as my little head can. First off, the end result - We'll probably still get the house, but probably not until at least next week. That's a few probably's, so I'll explain more...

The loan program we are using is very new. It's a great program for us as we're locked into a great rate (below market) for the next six months. Its called an FHA Bond Loan and there's lots of stipulations and qualifications I won't bore you with. But, we fit them all just so nicely. When I say this is a new program, I mean we are the first one's in the state of Indiana to use it. At least, that's my understanding of it.

The underwriting process for a normal loan takes about three days. For this program, not only does the lender underwrite the loan, but the state also has to underwrite the loan. In essence, it's underwritten twice and every form has to be filled out and signed twice. In the end, the whole process takes about 11 days instead of the normal three.

With me so far? Ok.

This pushes back when we can close on the house. So, instead of closing on or by April 28th, it had to be push back about a week. The problem is, and we JUST found this out, the seller is in default on his loan. Which means, if he doesn't pay the interest he owes for May, the bank will foreclose on the house. He does not have that money. In other words, we could theoretically lose the house. There are options and we're pursuing what we think is the best one. It's the least evil of them all.

One of the options is to let the bank foreclose. We couldn't touch the house for 60-90 days and we'd have to start the process all over again. That means we could be outbid... again... Or, it could get put on the auction block and we could end up buying it for less. That's too many coulds and too many risks. Besides, where would be live after the apartment lease is up?

Another option is to pay the interest payment for him. I think this is a crap option 'cause it basically penalizes us for his mistakes. But, if we pay it, then we definitely get the house. Plus, the payment is 100% deductible on our taxes, so we'd get it back at least.

The thing that bothers me the most is the hoops we've had to jump through. We're being the good buyer - scrambling to get paperwork done, scrounging for the extra money, etc - and we're getting it up the ass. Part of me just wants to walk away, but this is a great house and an even better investment.

I don't know if I've explained it all well enough to understand, but my mortgage broker, Lisa Johnson of Pinnacle Mortgage Funding, explained all well and good for me. She and Jen the Processor rock hard. If you are considering a getting a loan, I highly recommend Lisa. Highly recommend - that's like the highest you can recommend someone or something. That means, she's good, she works hard for you, she's easy to relate to and she explains things so anyone can understand. Also, I have to send a shout out to Julie Baker of the Baker Team at Keller Williams. She's our realtor and she, too, rocks hard.

Anyway, all of that to say, we should still be getting the house, only a little later than we thought. At least, that's what I know right now. The winds of homebuying stink and frequently change directions.

Here's the info on Into The Woods, as promised:

Footlite Musicals presents
"Into the Woods"
Directed by R. Brian Noffke

April 28-30, May 5-7, 12-13
Fridays & Saturdays at 8:00 P.M.
Sunday Matinees 2:30 P.M.
Note: This show closes on a Saturday due to Mothers Day (5/14)

Ticket Prices:Adults $15.00
Seniors (65+) $13.00
Students (13 College) $13.00
Children (Under 13) $10.00

For more info:

With music and lyrics by Stephen Sondheim and book by James Lapine, this great musical will mark its return to the Footlite repertoire following a 1991 internationally honored production. The 1988 New York Drama Critics Circle Award winner for Best Musical, the musical takes a modern look at classic fairy tales featuring an ambivalent Cinderella, a blood-thirsty Little Red Ridinghood, a Prince Charming with a roving eye and a wicked witch who raps. When a baker and his wife learn they've been cursed with childlessness by the witch next door, they embark on a quest for the special objects required to break the spell, swindling, lying to and stealing from Cinderella, Little Red, Rapunzel and Jack (the one who climbed the beanstalk). Everyone's wish is granted at the end of Act One, but the consequences of their actions return to haunt them later, with disastrous results, in Act Two. What begins a lively irreverent fantasy in the style of The Princess Bride becomes a moving lesson about community responsibility and the stories we tell our children.

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