Hmmm... just received an unexpected check for $1180 --- What to do...?

[Frank Trinkle]

Just refinanced my house a few weeks ago, and thought it was all square, but my old mortgage company just sent me a check for $1180! Totally unexpected!

Free Money! Guess it's time to revisit Amazon, Rockler, Peachtree, Woodcraft, Woodpeckers, Holbren, and other sites... gotta spend at least SOME of it! (Just trying to help with the "stimulus". (Wish I had room for a floor Wood Lathe!)

Whoopee!

[Bob Lloyd]

That depends on whether they sent it to you or to you and SHMBO!!!

[Frank Trinkle]

Shhhhhh!!! Bite your tongue! LOL:eek:

[Ron Jones near Indy]

Hi Frank,
I hate to see you and SWMBO have problems over a check. I will volunteer to solve the problem. Just sign it over to me and I'll worry about who will get the stimulus. ;););) Have fun spending your free money!

[John Schreiber]

Do you want my address?


Or: Keep it on hand to help with the unexpected $2360 expense which is coming up soon.

[Chris Padilla]

Just refinanced my house a few weeks ago, and thought it was all square, but my old mortgage company just sent me a check for $1180! Totally unexpected!

Free Money! Guess it's time to revisit Amazon, Rockler, Peachtree, Woodcraft, Woodpeckers, Holbren, and other sites... gotta spend at least SOME of it! (Just trying to help with the "stimulus". (Wish I had room for a floor Wood Lathe!)

Whoopee!

Put a record of that with your 2009 taxes, Frank! You may need it. I would also inqure why you got it so you handle it appropriately for next tax season. I don't mean to be a wet blanket but a year from now you'll thank me as you struggle to remember anything about it or the IRS helps you remember with a nice little letter.... DAMHIKT!! :D

[Frank Trinkle]

Put a record of that with your 2009 taxes, Frank! You may need it. I would also inqure why you got it so you handle it appropriately for next tax season. I don't mean to be a wet blanket but a year from now you'll thank me as you struggle to remember anything about it or the IRS helps you remember with a nice little letter.... DAMHIKT!! :D

Nah.. easy pickings. It is apparently a refund of property tax deposits in escrow. No tax ramifications at all!

Yayyy!

[Chris Padilla]

Ah, gotcha...yeah, sounds like you are in the clear.

[John Fricke]

We had a similiar dilemna at my house. 1100 some odd dollars. We ended up with new dining room furniture. :mad:

[Rich Engelhardt]

Hello,

Just refinanced my house a few weeks ago
Put it towards the mortage.
Matter of fact, put any and all spare or free money towards the mortage.

Refinaced ours for 20 in '92, paid it off early in 2002.
Saved a ton in finance charges.

$1180 now, paid against a long term note @ whatever rate, is like ten times that amount down the road.

PET PEEVE TIME:
Nothing gripes me more about these home shows on TV than when they stick new appliances in a house and some unsuspecting shmoe buys the house & gets stuck paying for a stove/fridge for 30 years:mad:

[Brian Kent]

What tool(s) help you keep up your home in tip top shape over the next 20 years, that you can also use for fine woodworking?

[Belinda Barfield]

Frank, there aren't a lot of places to spend money in Valdosta are there? Don't know where you call home, but you're in for one hot, muggy summer. Maybe you should hang on to the money and buy lots of ice and frosty beverages. :)

[Rod Sheridan]

We had a similiar dilemna at my house. 1100 some odd dollars. We ended up with new dining room furniture. :mad:


Uh John, this is a woodworking forum, not a marriage counseling service.

You're supposed to be telling us about how you bought the new Binford 1000B to make dining room furniture.:cool:

Just kidding.........And look at it this way, you have all that extra shop time now that you don't have to build dining room furniture!

Regards, Rod.

[Laurie Brown]

PET PEEVE TIME:
Nothing gripes me more about these home shows on TV than when they stick new appliances in a house and some unsuspecting shmoe buys the house & gets stuck paying for a stove/fridge for 30 years:mad:

Better than buying a 30-year-old house with the ORIGINAL appliances in it like I did... First year, dishwasher died. Second year, stove died. This year, fridge is on the way out.... I'd rather have had the new ones. ;)

[Paul Greathouse]

Hurry up and spend it! Don't give Murphy's Law a chance to kick in.

A couple months ago I had a paycheck coming with $1600 extra overtime on it. Guess what happened before the check hit the bank? Our refrigerator went out. New refrigerator $1800. Sometimes you just can't win. Hated to see potential tool money going to the appliance store.

[Eric DeSilva]

PET PEEVE TIME:
Nothing gripes me more about these home shows on TV than when they stick new appliances in a house and some unsuspecting shmoe buys the house & gets stuck paying for a stove/fridge for 30 years:mad:

Why? I'm not sure I follow you.

Good appliances (which often means expensive appliances) can often be an asset that sells a house. And, while very few people are willing to fork over the cash to buy a $8K subzero, quite a few might be willing to amortize it over 30 years... How are appliances any different than buying granite countertops or an extra bedroom or a finished basement?

[Rich Engelhardt]

Hello,
There's three types of buyers - I learned that back during my car/truck selling days from the owner of the dealership:

- Cash buyers.
- Payment buyers.
- Money difference buyers.

As a salesperson, you make the least form the first and last type.
You make a home run on the middle one.

Example - the $8k mentioned amounts to roughly $55.00 a month over the term of a 30 year mortage.
Figure out the real cost though - $55.00 x 360 months = a whopping $19,800.00.
Sadly, that $8k appliance does not appreciate in value.
10 years into the note, the $8k appliance has lost quite a bit of value - nearly 50%.
So, you have a $4k appliance which you still owe $13,000.00 on.

I only mention the different types of buyers because it's difficult - if not impossible - for one type to see the other types way of thinking.

[JohnT Fitzgerald]

Good Day Sir -

I reprezent a mision overseas that helps disadvantajed children, and I would verily like much to be receiving from you a quote for the items mentioned on your website. I can only send you a certified cashier's bank teller's check for the amount of your invoice plus $1180 dollars ($US) more because oF restrictions placed on my by the Nigerian Interior Domestic Minestry of Unilateral Monetary Remuneration fund, of which your country is a charter member. On receipt of my certified cashier's bank teller's check, if you could send me 100 of your items plus reimbursement for the overypay of $1180, I would very much like to be giving you my business.

Sincerely,
The Reverand Wee Cheatum N. Howe



:)

Hey, it was worth a shot!!!!

[Eric DeSilva]

Its not that simple.

Say my effective tax rate is 33% and my mortgage rate is under 6%. Since I can deduct home mortgage interest, doesn't that mean I make money as long as I get a 4% return the money I would have spent on the fridge?

[Rich Engelhardt]

Hello,

Say my effective tax rate is 33% and my mortgage rate is under 6%. Since I can deduct home mortgage interest, doesn't that mean I make money as long as I get a 4% return the money I would have spent on the fridge?
Possibly - but - if you're in the 33% bracket, then coming up with the $$ up front for the appliances, or splitting them out on a seperate purchase w/seperate terms, shouldn't be a problem. ;)

Seriously though, financing for long terms is seldom a good idea.
As far too many people have found out - it's a short cut to getting in over your head.
There's simply too many variables.

[John Keeton]

Hurry up and spend it! Don't give Murphy's Law a chance to kick in.

A couple months ago I had a paycheck coming with $1600 extra overtime on it. Guess what happened before the check hit the bank? Our refrigerator went out. New refrigerator $1800. Sometimes you just can't win. Hated to see potential tool money going to the appliance store.Paul, you DID win! Think of how the result would have been without the extra OT on the check:(