AOS I-864 Property Asset

[CaliforniaGuy 2]

I will be filing I-864 soon and want to know how I can add my house as an asset. Has anyone done this that knows the process? I know I have to deduct what I owe now (mortgage)from the apprasial value of the house, but I own the house with my sibling. Do I slash the asset in half since 2 of us own the house? Do I have to write down on paper how I came up with the figure? And what documents do I need to send to accompany the form?

[Wayne and Claudia 40]

Do you need the equity in your home to meet the income requirements? If not I would not bother. If you do then it may be a little complicated seeing as how you don't own the home by yourself. The value of the home will probably have to be based on most recent local appraisal that they base your millage rate on. I will be eager to find out for certain.

Edited March 14, 2011 by Wayne and Claudia

[CaliforniaGuy 2]

My 2010 tax income might fall a thousand short (after gross adjusting)and I have several hundred thousand equity on my house so it would be more than enough even if I split it in half with my sibling. Another problem is that since I co-own the house, it might not be considered as "easily convertible to cash". I don't know how they are against co-owners. I can also have a co-sponsor or even show bank statements but that's not the way I want to go about. I do want to show the property and need some answers.

[Anh map 2,098]

This I-864 FAQ from the State Dept. website may be helpful -->> http://travel.state.gov/visa/immigrants/info/info_3183.html#6

[CaliforniaGuy 2]

This I-864 FAQ from the State Dept. website may be helpful -->> http://travel.state.gov/visa/immigrants/info/info_3183.html#6

Thanks but I already read that several times and not enough details there. Thanks though

[Anh map 2,098]

The valuation criteria are explained in the I-864 instructions. You will need a recent valuation from a licensed appraiser. (Tax valuations are not acceptable) Also the deed/mortgage to prove ownership.

If the equity is substantial then it may be accepted. Where you could afford to take out a mortgage or credit line using the house a collateral.

If the asset is jointly owned then the adjudicator may want to see an I-864(A) from the co-owner to demonstrate that they are aware that you are using their property as security for the I-864 contract.

[calibob 73]

Thanks Anh Map......I personally have a difficult time getting written instructions.....I read too much into them (or not enough) and someone telling me helps it sink in.

Possibly a call to the NVC to find out exactly what they're wanting and/or a link to find the information might be in order on this one since you want to do it properly the first time. 603-334-0700 will get you in the front door to ask. I found the second shift people at NVC very knowledgeable and friendly. 1st shift neutral for the most part , reading from scripts. 10 minute call can save you weeks on a check list.

Bob

Edited March 14, 2011 by calibob

[pushbrk 12,162]

I will be filing I-864 soon and want to know how I can add my house as an asset. Has anyone done this that knows the process? I know I have to deduct what I owe now (mortgage)from the apprasial value of the house, but I own the house with my sibling. Do I slash the asset in half since 2 of us own the house? Do I have to write down on paper how I came up with the figure? And what documents do I need to send to accompany the form?

Equity in a house owned with a sibling would not meet the liquid asset test from the I-864 instructions, IMO. Read those instructions and see what YOU think. You can LIST the asset, but only the equity that applies to your percent of ownership would be YOUR asset.

[pushbrk 12,162]

Thanks Anh Map......I personally have a difficult time getting written instructions.....I read too much into them (or not enough) and someone telling me helps it sink in.

Possibly a call to the NVC to find out exactly what they're wanting and/or a link to find the information might be in order on this one since you want to do it properly the first time. 603-334-0700 will get you in the front door to ask. I found the second shift people at NVC very knowledgeable and friendly. 1st shift neutral for the most part , reading from scripts. 10 minute call can save you weeks on a check list.

Bob

NVC will not be making the decision on how to consider your home equity. That decision will rest entirely with the Consular officer in Manila.

[calibob 73]

My bad, they're just a processor , not an assessor as to the paperwork. Thanks for the clarification.

[CaliforniaGuy 2]

Equity in a house owned with a sibling would not meet the liquid asset test from the I-864 instructions, IMO. Read those instructions and see what YOU think. You can LIST the asset, but only the equity that applies to your percent of ownership would be YOUR asset.

Well like I said even if I split the equity in half it would be several hundred thousand so wouldn't that be enough since I am only off by a thousand and multiply that by 5 I would only need 5K assets? Correct me if I'm wrong.

[pushbrk 12,162]

Well like I said even if I split the equity in half it would be several hundred thousand so wouldn't that be enough since I am only off by a thousand and multiply that by 5 I would only need 5K assets? Correct me if I'm wrong.

You're not wrong but I don't think you read the I-864 instructions with regard to "liquid assets". Read that, and tell me what you think.

[CaliforniaGuy 2]

You're not wrong but I don't think you read the I-864 instructions with regard to "liquid assets". Read that, and tell me what you think.

The only thing that I see is the assets should be able to be converted to cash in one year with undue harm to the sponsor or his or her family members. If I am missing anyhting please enlighten. As the poster Anh map already said since the house is co-owned I might hit a roadblock if I don't get my co-owner to sponsor as well. And if I need to have another sponsor than I don't need to show the house.

[CaliforniaGuy 2]

OK I got this from another website if its the case than I guess I cannot include the house.

You may add the cash value of your assets such as money in savings accounts, stocks, bonds, and property. You may not include the value of your primary residence. To determine the amount of assets required to qualify, subtract your household income from the minimum income requirement (125 percent of the poverty level for your family size). You must prove the cash value of your assets is worth five times this difference (the amount left over).

[pushbrk 12,162]

OK I got this from another website if its the case than I guess I cannot include the house.

You may add the cash value of your assets such as money in savings accounts, stocks, bonds, and property. You may not include the value of your primary residence. To determine the amount of assets required to qualify, subtract your household income from the minimum income requirement (125 percent of the poverty level for your family size). You must prove the cash value of your assets is worth five times this difference (the amount left over).

The above is simplification of what the I-864 says but YOUR situation isn't simple. Your problem is that your house isn't yours and yours alone. Any decision to liquidate or even open a credit line against the equity would require the consent of another person, not obligated to liquidate and not signatory to your affidavit of support. If you don't have a joint sponsor lined up, I think you would be better off to borrow something like $20,000 against your equity, put it in the bank and show it as a cash asset. If you did that, you wouldn't need to show the house at all. After the visa is granted, you can pay back the loan.

Why $20,000 instead of $5,000, you ask? Because any Consular officer with a lick of sense knows the $5,000 will be spent on travel expenses by the time your spouse arrives in the USA or shortly thereafter, so will NOT be available for support or repayment to the taxpayers. This is not a hard goal line you cross by making the arithmetic work, even when you qualify on income alone. (If you barely qualify).