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lucy 242

Using Co-sponsor Property

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So my husband makes more than what's required, but it's really close to poverty level.

We want his mother to co-sponsor just in case, she has 3 investment properties, each is worth around a million dollars, no mortgage, but on her tax return it says that her income is negative $-40K because of all the expenses and deductions. 

Can we use the properties alone? 

I understand that we need to do property appraisal, can we appraise one property? we already have one report ready worth 1 million $ , or do we need all properties?  

Thank you.

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2 minutes ago, lucy 242 said:

So my husband makes more than what's required, but it's really close to poverty level.

We want his mother to co-sponsor just in case, she has 3 investment properties, each is worth around a million dollars, no mortgage, but on her tax return it says that her income is negative $-40K because of all the expenses and deductions. 

Can we use the properties alone? 

I understand that we need to do property appraisal, can we appraise one property? we already have one report ready worth 1 million $ , or do we need all properties?  

Thank you.

It will be up to the interviewing officer to decide 

1. If your husbands income is sufficient or you need a joint sponsor 

2. If your mother in laws assets as presented are able to be converted into cash in the appropriate period of time if needed   . This is one of the challenges in using property ..it’s mot just the value of the asset but if it’s liquid enough 

 

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1 minute ago, Lil bear said:

It will be up to the interviewing officer to decide 

1. If your husbands income is sufficient or you need a joint sponsor 

2. If your mother in laws assets as presented are able to be converted into cash in the appropriate period of time if needed   . This is one of the challenges in using property ..it’s mot just the value of the asset but if it’s liquid enough 

 

Well it's a property that she has without mortgage, so it's liquid, she can sell it anytime 

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2 minutes ago, lucy 242 said:

Well it's a property that she has without mortgage, so it's liquid, she can sell it anytime 

Sellers also need buyers so it may not be perceived as that straight forward. Hopefully others with direct personal experience will chime in. We used our own assets in the 864 but we had long term cash savings over the needed level as well as the house we were selling when we immigrated 

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2 minutes ago, Lil bear said:

Sellers also need buyers so it may not be perceived as that straight forward. Hopefully others with direct personal experience will chime in. We used our own assets in the 864 but we had long term cash savings over the needed level as well as the house we were selling when we immigrated 

But they are asking for the value of the house, not whether or not she has a buyer

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1 minute ago, purem4g1c said:

as I know, they do NOT accept real estate as an "asset" only savings accounts, checking accounts, stocks, bonds, mutual funds, ETF

No that's definitely not true, where did you get that from? 

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There are some forms of assets that seem to hold less power.  Cash obviously is strongest.  Stocks gain and lose value so they may not be worth what you say they are later on.  Housing being liquid depends on having a buyer and the selling price, which changes over time.  Some people could take over a year to sell a house.  The officer doesn’t know real estate like someone who has that job so they have to estimate if it’s stable enough to be considered.  So it’s basically their opinion of the situation that decides.

 

We’re just warning you it may not be enough no matter how many properties you use.

 

In answer to your question most people and lawyers consider the more the better (so all the properties, not just one) so it doesn’t slow down the process, but no one can tell you for sure it’ll be accepted either way.  I also don’t have personal experience but would think showing the value(appraisal)/ownership(deeds?) would be necessary.

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6 minutes ago, purem4g1c said:

as I know, they do NOT accept real estate as an "asset" only savings accounts, checking accounts, stocks, bonds, mutual funds, ETF

That is not correct. The I864 clearly defines how to use property  as an asset .. and the OP is correctly following that guideline .. it’s still up to the IO  to decide .. 

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