Has anyone Co-Sponsor used their house as an asset on the I864A/I864?

[serbiangirl 0]

If so, what kind of documents are needed to use the house as an asset? Thanks!

[pushbrk 12,181]

If so, what kind of documents are needed to use the house as an asset? Thanks!

An appraisal or assessment and a mortgage statement. However, the home one lives in may not satisfy the public charge concern. Generally, they consider liquid assets that can be liquidated within a year without doing harm to the family. Selling the house you live in is generally "harmful" if forced to do so to pay bills. They'll consider the whole picture though so it depends on what else they see.

[serbiangirl 0]

If so, what kind of documents are needed to use the house as an asset? Thanks!

An appraisal or assessment and a mortgage statement. However, the home one lives in may not satisfy the public charge concern. Generally, they consider liquid assets that can be liquidated within a year without doing harm to the family. Selling the house you live in is generally "harmful" if forced to do so to pay bills. They'll consider the whole picture though so it depends on what else they see.

Okay, so I am assuming that a mortgage statement is enough? The embassy stated that my father did not qualify for the I864A due to the poverty guidelines but it is only about a $1,000 difference. So, instead of getting another co-sponsor (like the embassy stated I should possibly get; I will send them my fathers assets.

Mortgage statements from the house AND his saving account, which should definitely be enough. Am I correct?

With the Bank Statement, copies are okay correct and whatever else the bank can provide??

Thanks!

[christeen 966]

If you are using the house, then you also need a current appraisal... This is especially critical now as home values have decreased... I have also read here that they have been reluctant to count the home since the housing market has tanked... Too difficult to sell a home now and with soaring forcolosure... Unless they have a HUGE equity in the house or have a decent amount in savings, you might have another co-sponsor on standby...

[serbiangirl 0]

If you are using the house, then you also need a current appraisal... This is especially critical now as home values have decreased... I have also read here that they have been reluctant to count the home since the housing market has tanked... Too difficult to sell a home now and with soaring forcolosure... Unless they have a HUGE equity in the house or have a decent amount in savings, you might have another co-sponsor on standby...

Okay, well, I don't know what to do now. I think I have read somewhere that if I do not have a current appraisal then other documents would be okay. What about a saving account? Should that be okay to use....to subsititute the amount that my father did not have in his yearly income??

Thanks!

[christeen 966]

Page 8 of the I864 instructions has what to submit if using a house... It includes mortgage information and a current appraisal... A few people here have gotten denied use of a house because all assets must be able to be converted to cash within one year, and with the current housing market, some Consulates do not believe that a house can be sold in that amount of time...

As far as the bank accounts and savings, yes, bank statments will suffice... I just wouldent count on the house counting unless, as I said, they have a HUGE equity in the house...

[pushbrk 12,181]

Page 8 of the I864 instructions has what to submit if using a house... It includes mortgage information and a current appraisal... A few people here have gotten denied use of a house because all assets must be able to be converted to cash within one year, and with the current housing market, some Consulates do not believe that a house can be sold in that amount of time...

As far as the bank accounts and savings, yes, bank statments will suffice... I just wouldent count on the house counting unless, as I said, they have a HUGE equity in the house...

A Consular officer is not likely to believe your father will sell his house to support your spouse, no matter how much equity he has. Nevertheless, you must document the equity by showing an appraisal or tax assesssment and an mortgage statement to document the equity. Satisfying the public charge concerns is not an issue of meeting statutory minimums. It's a judgment call.

[serbiangirl 0]

Page 8 of the I864 instructions has what to submit if using a house... It includes mortgage information and a current appraisal... A few people here have gotten denied use of a house because all assets must be able to be converted to cash within one year, and with the current housing market, some Consulates do not believe that a house can be sold in that amount of time...

As far as the bank accounts and savings, yes, bank statments will suffice... I just wouldent count on the house counting unless, as I said, they have a HUGE equity in the house...

A Consular officer is not likely to believe your father will sell his house to support your spouse, no matter how much equity he has. Nevertheless, you must document the equity by showing an appraisal or tax assesssment and an mortgage statement to document the equity. Satisfying the public charge concerns is not an issue of meeting statutory minimums. It's a judgment call.

I definitely understand and agree with you but I am sure it has been done it the past. I am hoping that my father can provide from his savings account, documents that state he owns his house and the business he has.

If I have to get an appraisal, then I will do that as well. I wonder if mortgage documents would be enough....has everyone person who used their house as an asset got an appraisal??

Thanks

[Otto 83]

If I have to get an appraisal, then I will do that as well. I wonder if mortgage documents would be enough....has everyone person who used their house as an asset got an appraisal??

You really don't need to go as far as getting an appraisal done (they're never free and really is a bit of overkill). The equity in the property can be determined (satisfactorily) by a couple easy and free methods.

Really easy way:

• Most recent mortgage statement (shows current balance)

• Most recent property tax statement (shows current value)

The difference in $ between the two is the equity.

Another easy way:

• Most recent mortgage statement (shows current balance)

• Ask a local Realtor to give you a valuation (won't cost a dime from a hungry Realtor)..

The difference in $ between the two is the equity.

[Anh map 2,098]

If I have to get an appraisal, then I will do that as well. I wonder if mortgage documents would be enough....has everyone person who used their house as an asset got an appraisal??

You really don't need to go as far as getting an appraisal done (they're never free and really is a bit of overkill). The equity in the property can be determined (satisfactorily) by a couple easy and free methods.

Really easy way:

• Most recent mortgage statement (shows current balance)

• Most recent property tax statement (shows current value)

The difference in $ between the two is the equity.

Another easy way:

• Most recent mortgage statement (shows current balance)

• Ask a local Realtor to give you a valuation (won't cost a dime from a hungry Realtor)..

The difference in $ between the two is the equity.

Do you know for a fact of a person not submitting the "recent appraisal by a licensed appraiser" required by the I-864 instructions when using a home as an asset and the asset being allowed?

To the best of my knowledge, property tax assessments are not always an accurate measure of current market value.

[christeen 966]

Recently quite a few have been denied solely based on the house as an asset, especially since the housing market has tanked... As far as requirements for a current appraisal, I can only go by the clear instructions on page 8 which says that they require a current appraisal.. I would think this is fairly important since the rampant decline in housing prices...

As far as if it is needed?? I would call the embassy to find out exactly why... I would get all the savings and other documents of assets together for your father and see if that makes up the difference... But be sure to tell the embassy that you are the sponsor and why the joint sponsors assets are being considered since you clearly qualify?? You can also write them a letter and e-mail it of fax it to them so they are clear on this...

[Otto 83]

Do you know for a fact of a person not submitting the "recent appraisal by a licensed appraiser" required by the I-864 instructions when using a home as an asset and the asset being allowed?

To the best of my knowledge, property tax assessments are not always an accurate measure of current market value.

I've not seen a single person (to my knowledge) who has gone out an hired an appraiser to valuate their home for the purpose of documenting it's current liquid value/equity (not saying people probably don't do just that, and the instructions say something to that affect but...).

As for property tax assessments, in probably every market you can think of, they are either spot on or over-valuated (as city budgets get squeezed) and if it's not accurate, it's probably close enough for government work.

A Realtor's valuation would also be perfectly acceptable (showing correct estimated value and current/recent market sales) - it's a real report, not a note scribbled on the back of a business card. You're documenting an estimated value not taking out a second mortgage. As others have stated - all things about a person's affidavit are considered as a group and it's possible the home would not be considered (especially if it is the family home).

[serbiangirl 0]

Do you know for a fact of a person not submitting the "recent appraisal by a licensed appraiser" required by the I-864 instructions when using a home as an asset and the asset being allowed?

To the best of my knowledge, property tax assessments are not always an accurate measure of current market value.

I've not seen a single person (to my knowledge) who has gone out an hired an appraiser to valuate their home for the purpose of documenting it's current liquid value/equity (not saying people probably don't do just that, and the instructions say something to that affect but...).

As for property tax assessments, in probably every market you can think of, they are either spot on or over-valuated (as city budgets get squeezed) and if it's not accurate, it's probably close enough for government work.

A Realtor's valuation would also be perfectly acceptable (showing correct estimated value and current/recent market sales) - it's a real report, not a note scribbled on the back of a business card. You're documenting an estimated value not taking out a second mortgage. As others have stated - all things about a person's affidavit are considered as a group and it's possible the home would not be considered (especially if it is the family home).

Thank you! Can I ask...(if this is necessary) would my father's business also be an asset??? He own it and the building. Thanks!

[Otto 83]

Thank you! Can I ask...(if this is necessary) would my father's business also be an asset??? He own it and the building. Thanks!

Anything is possible - but again, is it something that within a year he would sell if he had to? (Valuating a business is difficult, depends on the kind of business and a lot of other variables.)

I'd say - unless your back is up against a wall and you had to have a joint/co-sponsor and you had no one else - it might be a good idea to look at a different co-sponsor if they're having to use the family home and possibly, family business to meet the minimum income requirements.

[christeen 966]

Do you know for a fact of a person not submitting the "recent appraisal by a licensed appraiser" required by the I-864 instructions when using a home as an asset and the asset being allowed?

To the best of my knowledge, property tax assessments are not always an accurate measure of current market value.

I've not seen a single person (to my knowledge) who has gone out an hired an appraiser to valuate their home for the purpose of documenting it's current liquid value/equity (not saying people probably don't do just that, and the instructions say something to that affect but...).

As for property tax assessments, in probably every market you can think of, they are either spot on or over-valuated (as city budgets get squeezed) and if it's not accurate, it's probably close enough for government work.

A Realtor's valuation would also be perfectly acceptable (showing correct estimated value and current/recent market sales) - it's a real report, not a note scribbled on the back of a business card. You're documenting an estimated value not taking out a second mortgage. As others have stated - all things about a person's affidavit are considered as a group and it's possible the home would not be considered (especially if it is the family home).

Yes, I would think that a realators appraisal would also be considered... And I definetly agree that in this current comditions, unless you have no other options (finding another sponsor or your faterh having enough liquid assets) I would not get into the mess of "will they consider the house" determination... It may be rather difficult to convince a CO that your father will sell the roof over his head to support your husband???