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Man pays off mortgage with pennies
upi ^ | upi

Posted on 07/06/2012 4:51:28 PM PDT by JoeProBono

MILFORD, Mass.,-- A Massachusetts man said he collected pennies for 35 years so he could make his final mortgage payment with 62,000 of the coins.

Thomas Daigle said he decided to make the final payment "memorable" when he and his wife, Sandra, moved into their Milford home in 1977 and purchased it with a mortgage from Milford Federal, The Milford Daily News reported Friday.

"It was something I wanted to do," Daigle said. "I always follow through."

"I was just praying I didn't die first," he said.

Daigle said he collected an average of 2.5 pennies per day and at first he kept them in a grape crate, but he had to move the change to a pair of steel military rocket launcher ammo boxes when the wood of the crate began to break under the weight of the coins.

Daigle, who delivered the pennies April 24, the same day as his 35th wedding anniversary, said he gave Milford Federal notice that his final payment was going to be in penny form.

"They were 100 percent for it," he said.


TOPICS: Business/Economy
KEYWORDS:

Tom and Sandra Daigle show off the pennies they brought to the bank to make their final mortgage payment.


1 posted on 07/06/2012 4:51:32 PM PDT by JoeProBono
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To: JoeProBono
"They were 100 percent for it," he said.

I would be, also (although I haven't checked copper prices lately).

2 posted on 07/06/2012 4:58:17 PM PDT by 1rudeboy
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To: JoeProBono

The metal in a penny is worth more then a penny.


3 posted on 07/06/2012 4:59:22 PM PDT by Big Horn (Rebuild the GOP to a conservative party)
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To: 1rudeboy

I thought they were made of zinc?


4 posted on 07/06/2012 5:05:43 PM PDT by 03A3
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To: JoeProBono

If the dope had used the money along the way to pay down the balance he might have saved half of that.


5 posted on 07/06/2012 5:14:50 PM PDT by Average Al (Forbidden fruit leads to many jams.)
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To: JoeProBono

62,000 pennies = $620.00 = 1 year at $7440.00 x 35 years = $260,400.00 Even with escrow thrown into the payments, if thats the case, not a lot of $$ for 35 years. Depends what the downpayment was and/or if refinanced. The banks make a killing off of longterm mortgages. Any way congrats to the couple even though thats along time to keep a mortgage but they paid it up like good Americans.


6 posted on 07/06/2012 5:21:19 PM PDT by tflabo (Truth or tyranny)
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To: JoeProBono

Dream big


7 posted on 07/06/2012 5:22:46 PM PDT by Homer1
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To: JoeProBono
Stories like this pop up now and then, but legally the financial institution has NO obligation to accept a payment like this. Pennies, or more accurately named “cents” in the USA, are legal tender for amounts UNDER 25 cents ONLY. The fact that many such transactions are accepted by merchants and such, doesn't change the law. They should have been converted to larger denominations first. That this was a bank, that is routinely converts small change to larger notes, explains the acceptance; don't try this with a utility bill payment!
8 posted on 07/06/2012 5:23:43 PM PDT by ROLF of the HILL COUNTRY
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To: Homer1


9 posted on 07/06/2012 5:26:50 PM PDT by JoeProBono (A closed mouth gathers no feet - Mater tua caligas exercitus gerit ;-{)
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To: JoeProBono

Indeed, it would be such a temptation to be a Mint worker and to run a mere penny through the machine twice.


10 posted on 07/06/2012 5:33:32 PM PDT by Cruising For Freedom
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To: 1rudeboy

147 to 153 copper pennies per pound, so currently a tad more than 2X face value. The guy actually could have put them on eBay and probably gotten close to that if he machine sorted out all the junk zinc ones out first...


11 posted on 07/06/2012 5:37:10 PM PDT by Axenolith (Government blows, and that which governs least, blows least...)
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To: JoeProBono

I would drill holes in the center of them and sell them for a nickel per as washers


12 posted on 07/06/2012 5:54:13 PM PDT by 12chachacha (I just learned how, like THIS)
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To: JoeProBono
Dave Ramsey: "Debt is dumb; cash is king ...and the paid off home mortgage has taken the place of the BMW as the status symbol of choice"

Why is this True? Think RISK. When you have a mortgage and lose your job and can't get another one, your sunk. Why? Your house has probably lost value and you probably can't sell it at a decent price in this market.

You Short-Sale it and find the IRS coming after you later. Or you let it go into foreclosure and prospective Employers asking 'what happened to your Credit Rating'? Or you have a major illness and can't work anymore: Your Screwed.

The issue is RISK. Dave says, "I found that 100% of foreclosures take place on houses with mortgages."

After we paid off the house, we found we could breath financially and year after year it gets better. We can't explain it - it's just the mindset you have after you've done it. The way you Save for things where before you just reached for the credit card. Or how you play off one vendor off another to get the best deals on Roof, Siding, A/C, and plumbing because you learned how to save for these things than getting slammed by them.

Yes, the Paid off Home Mortgage is better than the BMW. Why? Because I am free of the Banks Ball-And-Chain! So I'll scream with my family "I'm debt free" with Dave, because or families financial tree has rooted and is Growing!

13 posted on 07/06/2012 5:54:36 PM PDT by sr4402
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To: JoeProBono
Dave Ramsey: "Debt is dumb; cash is king ...and the paid off home mortgage has taken the place of the BMW as the status symbol of choice"

Why is this True? Think RISK. When you have a mortgage and lose your job and can't get another one, your sunk. Why? Your house has probably lost value and you probably can't sell it at a decent price in this market.

You Short-Sale it and find the IRS coming after you later. Or you let it go into foreclosure and prospective Employers asking 'what happened to your Credit Rating'? Or you have a major illness and can't work anymore: Your Screwed.

The issue is RISK. Dave says, "I found that 100% of foreclosures take place on houses with mortgages."

After we paid off the house, we found we could breath financially and year after year it gets better. We can't explain it - it's just the mindset you have after you've done it. The way you Save for things where before you just reached for the credit card. Or how you play off one vendor off another to get the best deals on Roof, Siding, A/C, and plumbing because you learned how to save for these things than getting slammed by them.

Yes, the Paid off Home Mortgage is better than the BMW. Why? Because I am free of the Banks Ball-And-Chain! So I'll scream with my family "I'm debt free" with Dave, because our families financial tree has rooted and is Growing!

14 posted on 07/06/2012 5:57:24 PM PDT by sr4402
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To: 03A3

Not the ones that are old (remember that he’s been collecting for 35 years).


15 posted on 07/06/2012 5:58:39 PM PDT by 1rudeboy
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To: ROLF of the HILL COUNTRY

Under the 1965 act any amount is a legal tender vehicle. Under 25 cents was during the 1870’s acts.


16 posted on 07/06/2012 6:21:57 PM PDT by Axenolith (Government blows, and that which governs least, blows least...)
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To: 03A3

Post 1981 pennies are. Before that, they were made with copper.


17 posted on 07/06/2012 6:24:05 PM PDT by RWB Patriot ("My ability is a value that must be purchased and I don't recognize anyone's need as a claim on me.")
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To: ROLF of the HILL COUNTRY
Oh, and if you have a debtor who refuses payment in legal tender and you either get that in writing or it's witnessed, that debt is discharged.
18 posted on 07/06/2012 6:25:10 PM PDT by Axenolith (Government blows, and that which governs least, blows least...)
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To: JoeProBono
His mortgage, sure. But what about his calzones?!?!


19 posted on 07/06/2012 6:28:24 PM PDT by workerbee (June 28, 2012 -- 9/11 From Within)
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To: Cruising For Freedom

How about the guy who was selling authentic copper engravings of Abraham Lincoln for $19.95?


20 posted on 07/06/2012 6:35:04 PM PDT by Tea Party Terrorist (Fast & Furious: Proof the Government should not have access to guns)
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To: JoeProBono
"They were 100 percent for it," he said.

I'm guessing they were 62,000 per cent for it amd probably tickled that they didn't have to foreclose on it.

21 posted on 07/06/2012 6:37:44 PM PDT by OrangeHoof (Our economy won't heal until one particular black man is unemployed.)
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To: sr4402

I live in a smaller house here in the ‘hood in Memphis. I paid it off 2 months before the crash in 2008. I had been telling my wife it was coming for over a year and it was a great relief on her to know it was paid for.

When she was worrying a few months later about her job, I told her that with the house paid for, we would get by. That calmed her down. The 2 cars were paid off in 2010 and I have no credit cards. I don’t see how anyone can get by in this economy in heavy debt. Hell, I still am not saving much and I have almost no bills. Everything else (food, gas, electricity) has gone up so much it eats into any possible savings.


22 posted on 07/06/2012 7:32:51 PM PDT by packrat35 (Admit it! We are almost ready to be called a police state!)
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To: packrat35
The 2 cars were paid off in 2010 and I have no credit cards. I don’t see how anyone can get by in this economy in heavy debt. Hell, I still am not saving much and I have almost no bills. Everything else (food, gas, electricity) has gone up so much it eats into any possible savings.

Yes, we did pretty much the same: Debt Free (other than Mortgage) April 2006, Totally Debt Free Sept 2008. Laid off and can't get work since April 1, 2010 (yes, April Fools day!). We are living OK on ER Wife's salary.

Dave Ramsey says to Keep Murphy away with Emergency Fund first. Without this you have no hope of true savings as Murphy will take it away as I think you are experiencing!

It's like Riding a Bicycle. As a kid, you fell off, got on, fell off, until you learned to ride. Same is true of any savings (Emergency or anything). You just have to keep on trying or you will never ride (or hold Murphy off).

Second thing is you don't have to start big. Remember the Bicycle, If you ran and jumped on it, you got hurt before you learned how to ride. So you learned by getting on- Carefully - And using training wheels or gingerly hopping a bit with one foot, you moved forward.

I'm big into the Emergency $1000 dollar Fund Goal first (Baby Step 1) as Dave Ramsey says. Murphy has to be held off enough to get going (traction). A Real Budget on Paper is in this step, I think. It is essential to get on the same page (and remember, and assure the wife her vote on all items).

His next step, Baby Step 2 , is getting rid of credit debts (which you have already done, right?).

Baby Step 3 6-9 Months of living Expenses (depending on the weaker job security). Cause you need to survive long enough to possibly get the next job in time in this screwed up economy. Really get Murphy to really back off with this.

PS: I think of Property taxes included in this at first too as you don't want to loose your house to the State!

Think of working your way up to the Goal of each step. Prioritize along the way to subdivide this Goal. This step usually doesn't happen overnight!

PS: In this step you really need to use your real Budget (on Paper), and the Envelope System Dave suggests (stupid but easy). A big ball in checking is much too tempting. Got to get it out of sight. I used Automatic Savings Accounts when I got secure enough instead of Envelopes (and does this pay off big time! - No thieves, no fuss).

It sounds like you may have gotten the cart before the horse. Look at these Steps from Dave and keep trying. You never learn to ride unless you keep trying.

Dave rocks! http://www.daveramsey.com/new/baby-steps/

Best Regards since you got rid of the Mortgage (Congrats),

SR

23 posted on 07/07/2012 7:10:27 AM PDT by sr4402
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To: sr4402

Oh I have around $1500 right now in savings. I meant, you would think I could sock away another $1000 a month but with the increased expenses of food and energy, its not happening.


24 posted on 07/07/2012 1:40:34 PM PDT by packrat35 (Admit it! We are almost ready to be called a police state!)
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To: sr4402

J have no credit cards. I bankrupted myself once that way and I am NEVER going down that road again. I pay cash for everything.

I use to write over 50 checks a month 20 years ago. Now I write 3 (electricity, phone, and cable).


25 posted on 07/07/2012 1:45:06 PM PDT by packrat35 (Admit it! We are almost ready to be called a police state!)
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