Use of assets to supplement income on I-864

[Misty1979 0]

Hi all, I just have a couple questions about using assets to help meet the financial requirements on the I-864. I posted a similar topic in the IR1/CR1 thread in the main forum but haven't received many replies yet, and also have emailed NVC, but they have a terrible habit of not answering me, so I thought I would try getting some help from my fellow Canadians

Anyways, my mother in law would like to step up as my new co-sponsor. She has only been working part time for the last year or so, so she will need to use some assets to help satisfy the requirements.

Is there ANY way to get around having to have the house appraised? From what I understand that can cost anywhere from $350-500, and there is no way I'm going to ask her to shoulder that cost, so my hubby and I will have to find some way to scrape it together, but the way things have been lately, it will be very hard.

I realize probably one of the houses will have to be appraised. She owns two houses and one trailer, but I figure just having one appraised will be more than enough to meet the requirements.

Second question: If I do have to have the appraisal, does anyone know how recent it has to be? We are pretty sure she has had at least one of the three properties appraised in the last 5 years, but I'm betting they are going to want something more recent than that.

Ok last question: There is also the possibility of using her life insurance settlement (she will be starting the paperwork today to take care of the life insurance policy my father in law had in place before he passed away.) I know assets have to equal 5 times the amount of money you are short in meeting the requirements, so would money in the bank be the same?

Thanks ahead of time for anyone who might be able to help out with some info on this.

On a little side note, thank you to everyone who have had so many kind words for us during our grieving process over the loss of my father in law. You have no idea how much all your words of support have meant to us during this rough time.

His funeral was last Saturday, and he was given a military burial with the folding of the flag with one of his favorite instruments; the bagpipes; being played during the flag folding. Alot of people who hadn't even seen him since high school attended (the day of his funeral just so happened to be his high school reunion, so alot of his old acquantances were in town,) as well as alot of family, or just strangers who had read the story in the newspaper who wanted to stop by and give their condolences. We all miss him terribly, but my husband is very proud of the fact that he went out like a hero, saving my mother in law's life. My mother in law has her days, but she has been surrounded by family, so she is getting by, and staying strong. I'll be spending the day with her tomorrow helping her sort a few things out and just keeping her company.

Anyways, thanks again so much for everything. The Canadian forum has been like a second family to us during this long process, and I can't thank you guys enough for all the endless advice and support you've given us. We would be lost without you!!

[IR5FORMUMSIE 850]

Hi all, I just have a couple questions about using assets to help meet the financial requirements on the I-864. I posted a similar topic in the IR1/CR1 thread in the main forum but haven't received many replies yet, and also have emailed NVC, but they have a terrible habit of not answering me, so I thought I would try getting some help from my fellow Canadians

Anyways, my mother in law would like to step up as my new co-sponsor. She has only been working part time for the last year or so, so she will need to use some assets to help satisfy the requirements.

Is there ANY way to get around having to have the house appraised? From what I understand that can cost anywhere from $350-500, and there is no way I'm going to ask her to shoulder that cost, so my hubby and I will have to find some way to scrape it together, but the way things have been lately, it will be very hard.

I realize probably one of the houses will have to be appraised. She owns two houses and one trailer, but I figure just having one appraised will be more than enough to meet the requirements.

Second question: If I do have to have the appraisal, does anyone know how recent it has to be? We are pretty sure she has had at least one of the three properties appraised in the last 5 years, but I'm betting they are going to want something more recent than that.

Ok last question: There is also the possibility of using her life insurance settlement (she will be starting the paperwork today to take care of the life insurance policy my father in law had in place before he passed away.) I know assets have to equal 5 times the amount of money you are short in meeting the requirements, so would money in the bank be the same?

Thanks ahead of time for anyone who might be able to help out with some info on this.

On a little side note, thank you to everyone who have had so many kind words for us during our grieving process over the loss of my father in law. You have no idea how much all your words of support have meant to us during this rough time.

His funeral was last Saturday, and he was given a military burial with the folding of the flag with one of his favorite instruments; the bagpipes; being played during the flag folding. Alot of people who hadn't even seen him since high school attended (the day of his funeral just so happened to be his high school reunion, so alot of his old acquantances were in town,) as well as alot of family, or just strangers who had read the story in the newspaper who wanted to stop by and give their condolences. We all miss him terribly, but my husband is very proud of the fact that he went out like a hero, saving my mother in law's life. My mother in law has her days, but she has been surrounded by family, so she is getting by, and staying strong. I'll be spending the day with her tomorrow helping her sort a few things out and just keeping her company.

Anyways, thanks again so much for everything. The Canadian forum has been like a second family to us during this long process, and I can't thank you guys enough for all the endless advice and support you've given us. We would be lost without you!!

Thank you for keeping us in your thoughts during this most trying of times. We're here for you.

The only way that I can think of to get around the house appraisal is to get local real estate papers or real estate sections in the local newspapers that show similar houses in the area being listed for x amount of dollars or if you have a real estate paper (usually given only to realtors but sometimes available in the reference section of the public library) then you can find out how much the houses in the area sold for in the last 12 months or 6 months. The only other way I can think of is to go to the tax assessors office or library and look at the tax rolls and assessment. These are sometimes available online in the library. That will give you an idea of the value of the house. Those are the only ways aside from getting a full appraisal that I can think of. If you have an older assessment and other, more recent, secondary sources then that should do it.

Money in the bank is the best kind of asset, liquid. That will be more than good enough for the I-864.

[djc 0]

Hi Misty,

IR5 is right.... and I bet if your MIL called up any realtor in the area and asked for an assessment as if she were going to sell the house, the realtor would be happy to help. I don't know about your area, but in my area, realtors are hard up for work these days, eager to please and hope that you use them for business. And don't let any of them charge you for it, one of them will do it for free if you're planning on selling with them. Here, anyway.

Money in the bank is the best kind of asset. If you have cash laying around in a bank somewhere, just print off those records and you are good.

Keep strong, girlie.