Using house as asset

[carolynhotstuff 252]

I was given the house in my divorce settlement and I want to use it as an asset along with my income to show I can support my current husband. I had the title of the house transferred to my name and in our divorce papers it states that I must make the mortgage payments which I have been doing. I know from reading VJ that I need to get a licensed appraiser to come out and give me the current value of my home. I have no experience with this. Will it say on the paperwork that he is licensed or should I ask him for a copy of his license to send in with the appraisal?

I hope this is not a stupid question and someone will answer it please

[riz 0]

In another post, someone mentioned that in current financial situation house cannot be used as an asset on I-864.

[trailmix 77]

In another post, someone mentioned that in current financial situation house cannot be used as an asset on I-864.

Unless you link to the other post this isn't really helpful. We need to know what the other person was basing this information on. Were they told that at the consulate, did they see this in print, confirmed by USCIS?

Edited September 25, 2009 by trailmix

[riz 0]

In another post, someone mentioned that in current financial situation house cannot be used as an asset on I-864.

Unless you link to the other post this isn't really helpful. We need to know what the other person was basing this information on. Were they told that at the consulate, did they see this in print, confirmed by USCIS?

http://www.visajourney.com/forums/index.php?showtopic=219913

[Dakine 26]

In another post, someone mentioned that in current financial situation house cannot be used as an asset on I-864.

Unless you link to the other post this isn't really helpful. We need to know what the other person was basing this information on. Were they told that at the consulate, did they see this in print, confirmed by USCIS?

http://www.visajourney.com/forums/index.php?showtopic=219913

That's not to well documented. However I've "heard" they don't like using a house for assets because it would be a rare thing for someone to sell their house to pay bills. Again tho "heard" don't count!

[NigeriaorBust 4,087]

If it is the house you intend to live in you will have a hard time using it as they will think you "need" it. If you are using it as a rental you may have better luck.

[Krikit 1,164]

Moving from Canada forum to IR-1/CR-1 forum.

[trailmix 77]

If it is the house you intend to live in you will have a hard time using it as they will think you "need" it. If you are using it as a rental you may have better luck.

Have you heard that from someone on VJ?

I just think we should be careful with using facts here. Even the post linked to above, made by mrlee, did not state where the asset was. Plus not all consulates may view an asset in the same light.

Edited September 26, 2009 by trailmix

[Darnell 8,478]

I was reading the I-864 instructions today, specifically about 'the house' as an asset-

One page 8, last paragraph - I was trying to understand what I was reading - and in this case, it seems to me that the appraisal document MUST include the appraiser's license info. It doesn't say this directly - that's just my brain squeezing hard for '####### is that????' . Perhaps this is similar to a notary stamp, or a statement or attestation on the appraisal document.

Edited September 26, 2009 by Darnell

[NigeriaorBust 4,087]

http://www.visajourney.com/forums/index.ph...p;#entry3344920

Read the post from Mr Lee

This couple wasn't able to use a house as an asset.

[Anh map 2,098]

The appraiser's license number should appear on the property appraisal report.

If the sponsor's equity in the home is close to the amount needed to qualify that may be something that would concern a CO based on this excerpt 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.

[trailmix 77]

Someone already linked to that post Nigeriaorbust. I have asked him in that thread to clarify. I don't think we know enough about this to say that the OP cannot use a house - i'm sure many have.

[NigeriaorBust 4,087]

My understandings of assets are things that are easy to liquefy. Houses aren't moving like they once did. People are more attached to their primary residence than to rentals and secondary properties making them less apt to allow big price cuts to liquidate quickly. It is the liquidity factor that can hurt homes. To use them you should be able to show you are in an up market. Also it might depend on the amount of equity.

[Penguin_ie 5,993]

I think it will also depend on how much over the poverty guideliens the house and income are- ie if you are just skimming the neccessary financial means with the combination of income and part of the house that is paid off (remember, only the part that you own outright counts, not the part that is still mortgaged!), then it likely won't be allowed as due to the current economic climate, it could be difficult to sell the house within one year/ get the full value of it,

We used a house as the asset (and small savings account) last year, when the economy was just as bad as it is now, and were accepted no problem. But the house was a good bit over the asset level needed for 4 people. We used the sales price for the I-864 (proof of which was in the contract to the house).