Decision Point

Two huge decisions are pending for us. First is if the newspaper is going to make it. More on that later. Second, is where to move to.

The latter first. Moving is in our future no matter what. The Foreclosure is coming to a peak in mid-August. 60 days later we can expect a sheriff’s sale sticker on the house and a requirement for us to move out post haste. That is not the question, only the timing. The question looms – where to. 

Analyzing the options we can move to a cheap condo in Warrenville with local financing guaranteed for the first 3 years. Balloon payment requiring a re-finance in 3 years time. That will allow our foreclosure to subside as a credit obstacle, and allow us time to demonstrate our ability to pay living costs form our social security income. I’m satisfied that is doable. It all depends on how cheap the home is we will buy. After all property taxes in DuPage County are high as are HOA fees. That affects affordability in our case dramatically.

Thus our search to communities outside the influence zone of metro Chicago. That is usually the Rock River or points south west by 40 miles or so. Taxes there are 40% of DuPage rates. Buying a home eliminates HOA fees, although it does require us to maintain the exterior of the home as well as the landscaping. That is not free and will require focus and budget discipline. Still, cheapening housing costs by $300 per month is significant. If we can slim it down another $100 per month, all the better!

So far we have looked in Oregon, Illinois at the Rock River on Route 64. That’s 68 miles west of our current home.  Also considered is Sandwich, Illinois, about 37 miles west, southwest of Warrenville. Although we would appreciate a ranch style home on its own lot we are most likely to buy a modular, manufactured home. A double wide ranch style is the optimum for us. Prices are very reasonable; lot rentals are $460 per month and include garbage and snow removal. Landscaping is on your own but the lots are modest. Community-wide well and septic are metered to each home at an extra cost but are a fraction of city utilities.

Sunday morning we attended a church service to learn how open and accepting the church family is to two old gay guys. We were received very well indeed  A happy experience all around. And they knew the neighborhood we were considering and gave us lots of information on actual living experiences there.

The only problem we will encounter in purchasing a double wide unit is getting financing. It is not considered real estate because the land it sits upon is leased. So we begin the search for a bank or credit union that will accommodate us as foreclosed home owners. Will there be financing available at all for us? If there is, will the rates and terms be affordable? Research will tell us the answers.

We have a mortgage from a private lender who knows us and is willing to take a risk on us. The home needs to be in or near Warrenville. They are willing to finance a rural home as long as it assesses fairly to the price. Still their terms are 30-year amortization, no down payment required, and a balloon payment in 3 years. They will re-finance at market rates at that time but our credit will have had three years to rebuild.

Of course we could enter an apartment. The rental markets, however, are rising quickly to accommodate all of the foreclosed property owners. That’s a problem for us. No protection from inflationary rents.

Another option is a home for senior citizens. At 70 we are a little too young for that yet, plus their costs are huge; cheap entry but expensive monthly. Probably not an option now or ever.

As to the second decision we are facing, the Village Chronicles newspaper is suffering from more than two issues or pending problems. The first is the need to free our layout manager from her duties; she has done them for nearly 5 years at ridiculously low payment for services. She is exhausted and wants to move on to ad sales and ad design. Both of those functions we would benefit from her leadership and skills.

Our current ad executive and bookkeeper, plus technology provider, is going through a business reorganization and he is vacating his storefront. The paper also resides in the same place and we cannot afford the rent on our own. So a new location is in the offing.

The executive editor is in his mid-70’s and has the usual health issues of a senior citizen. Same goes for me, the managing editor, 70 with ill health. Plus we are facing severe financial hardship and need to find a new home. If that home is out of Warrenville by any significant distance, then we will need to withdraw from the newspaper.

So. Four key management volunteers all facing major life changes simultaneously. It does not bode well for the newspaper unless other leaders in the community are willing to step forward and keep it going.

By the end of August we will know our fate. The storefront will be vacated at the end of the month. So we need to make some key decisions quickly.

Stay tuned to observe how we handle each decision. A community newspaper is the result of the community caring about itself and the communications among its people. Do they care enough to take on the work we have donated thus far?

Time will tell the story, won’t it?

August 6, 2013