Showing value of house

[riss 12]

Hi everybody, I've just got a question about showing proof of the value of my fiancé's house for our I-134. We are using a co-sponsor as we don't currently meet the financial requirements for income or liquid assets (given that his house probably isn't considered a liquid asset) - but we are going to put the house on my fiancé's I-134 anyway in the hopes that it shows some kind of financial solidity. We decided just to use the most recent tax assessment of his home value instead of paying for an appraisal, and I'm wondering what we need to document the outstanding mortgage/loan on the property. Is it adequate to send recent mortgage statements showing the outstanding loan? Or would we need a letter from the bank that holds the mortgage?

Any thoughts and advice much appreciated.

Riss

[Cathi 5,795]

if the house has a mortgage it is not a liquid asset.

[Dave&Roza 748]

Hi everybody, I've just got a question about showing proof of the value of my fiancé's house for our I-134. We are using a co-sponsor as we don't currently meet the financial requirements for income or liquid assets (given that his house probably isn't considered a liquid asset) - but we are going to put the house on my fiancé's I-134 anyway in the hopes that it shows some kind of financial solidity. We decided just to use the most recent tax assessment of his home value instead of paying for an appraisal, and I'm wondering what we need to document the outstanding mortgage/loan on the property. Is it adequate to send recent mortgage statements showing the outstanding loan? Or would we need a letter from the bank that holds the mortgage?

Any thoughts and advice much appreciated.

Riss

For any asset to be considered in lew of income it first must be easily convertable into cash, second it must not cause an undue hardship to do so, and third if you are sponsoring only a spouse it is take at 1/3 the fair market value (for all others it is 1/5). To obtain the fair market value it must be appraised. The only car or primary residence are not allowed as it woould cause an undue hardship. Cash in the bank or investments would be better and cost nothing to get appraised. The assest's value is the fair market value minus any liens or mortgages. So if you have very little equity in the house I would not bother including it.

Good luck,

Dave

[riss 12]

Thanks you guys. I just want to clarify, we are *not* trying to use the house to qualify on assets. We aren't trying to qualify on our own steam, either on income or assets, but are relying on our co-sponsor. We don't have enough liquid assets to qualify, but I had read in some threads here that it is worth showing that you have a home and some equity in it - just as an indication that you are not without means, even though we still need the co-sponsor. It's just as an 'extra' really, to help show that we do have some financial means even if it doesn't qualify us for the requirements of the I-134. That's why we aren't bothering to pay for the appraisal and so on, just going to put it down on the I-134 since we have to supply one anyway.

Riss

[riss 12]

I guess my original post wasn't very clear but the main thing I really want to know is how to document the mortgage/loan outstanding on the property. So if anyone can help out on that, it would be much appreciated. I've seen a couple of posts saying that people used their home loan statements. Is that adequate?

[NigeriaorBust 4,087]

Your loan statement should be good to establish what is owed. Tax value is not a valid statement of worth. Millions of US homes are worth 1/3 of what their tax value is. They may not accept tax value unless it is a very recent purchase.

[KayDeeCee 4,896]

I guess my original post wasn't very clear but the main thing I really want to know is how to document the mortgage/loan outstanding on the property. So if anyone can help out on that, it would be much appreciated. I've seen a couple of posts saying that people used their home loan statements. Is that adequate?

I would just include your most recent statement showing the outstanding loan amount. Since you are not actually trying to qualify with it, I think the tax assessment and mortgage statement should show an estimated net value of the home.

[riss 12]

Thanks a lot, Kay and Nigeria. Kay, that's what I was hoping, it's good to hear that you think it's a reasonable shot.