I 864 question re assets

[Val and Gary 29]

We will be using the equity on my wife's home as part of our affidavit of support. The I 864 form simply asks for the net value cash value of real estate holdings, minus the mortgage. In other words if the house is worth $150,000, and our mortgage is $50,000, then we have $100,000 in assets. (I understand equity in the petitioners name is counted as 33% towards the sponsorship support).

My question is this - to avoid an RFE, will the USCIS require a valuation assesment, and if so, do you think the one we received when we bought the property (20 months ago), will be acceptable?

Thanks for your input.

Edited November 28, 2010 by Val and Gary

[Penguin_ie 5,994]

Yes they will require an assessment. I think in today's market, one from 20 months ago would not be considered "recent", as house values change significantly.

[LotofPatience 65]

Yes they will require an assessment. I think in today's market, one from 20 months ago would not be considered "recent", as house values change significantly.

It must be a recent appraisal from a licensed appraiser.

Loto

[Done--Really 331]

As long as we are talking about assets, I have a small business that reports very little net income each year--for tax purposes, but I have a substantial IRA that way exceeds the asset test. What is your personal experience with tiny income combined with very big assets??

[LotofPatience 65]

As long as we are talking about assets, I have a small business that reports very little net income each year--for tax purposes, but I have a substantial IRA that way exceeds the asset test. What is your personal experience with tiny income combined with very big assets??

You should be fine.

Loto

[Anh map 2,098]

As long as we are talking about assets, I have a small business that reports very little net income each year--for tax purposes, but I have a substantial IRA that way exceeds the asset test. What is your personal experience with tiny income combined with very big assets??

The only potential snag with retirement accounts used as assets is that there can be a significant cost if they are liquidated early. That can bump up against this part of the asset guidelines (from the I-864 instructions): Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included.

In some cases CO's have been reluctant to accept them if they perceive cashing in part or all would be a significant hardship.

Now hoping that the CO would look at the totality of your circumstances and see that the cash flow is sufficient the IRA ought to be good.

Edited November 28, 2010 by Anh map

[pushbrk 12,978]

The only potential snag with retirement accounts used as assets is that there can be a significant cost if they are liquidated early. That can bump up against this part of the asset guidelines (from the I-864 instructions): Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included.

In some cases CO's have been reluctant to accept them if they perceive cashing in part or all would be a significant hardship.

Now hoping that the CO would look at the totality of your circumstances and see that the cash flow is sufficient the IRA ought to be good.

Consular officers are expected to make a fairly subjective judgment call on such matters, using this from the I-864 instructions as a guideline.

Assets may supplement income if the consular or immigrationofficer is convinced that the monetary value of the asset couldreasonably be made available to support the sponsoredimmigrant and converted to cash within one year without undue harm to the sponsor or his or her family members. Youmay not include an automobile unless you show that you ownat least one working automobile that you have not included.

For example, it might seem reasonable for a sponsor in their late 50's or older with a substantial IRA or 401k account to use (liquidate in part) those assets to support the immigrant. On the other hand, a 30 year old with $75,000 in a similar account would logically and reasonably be evaluated differently with respect to "without undue harm to the sponsor or his or her family members."

In short, there's no hard and fast rule as to how such things are evaluated but the assets do need to be adequately documented. The I-864 instructions are probably the best, most complete and most clear of all USCIS form instructions. I encourage all to read them carefully.

[Done--Really 331]

Very good points on the IRA. I am fast approaching the magic 59 1/2 (faster than I like to admit!!!)when there is no longer a penalty for cashing in part of the IRA, so what you say makes perfect sense, and even more so the comments about a 30-something possibly not having as much leeway.