I-134 and owning a house in another state. I owe more than it's worth

[mikeandjoana 1]

I need help! I bought a condo in Phoenix, Arizona back in 2006 at the height of the real estate market, and have since moved to Long Island, New York for a more stable job, and to live with family for the time being. I owe more on my mortgage than what the condo is worth. I wish I could sell the condo, but due to the real estate conditions, I'm forced to hold onto it, paying the mortgage each month.

What should I do in regards to the I-134? I've been working for 6 years making around $45,000 a year. Soon, I'll be renting a place here in New York and will also continue to be stuck with the payment of my condo in Arizona.

My fiance is aware of this situation. Will questions about this come up at her interview? Please help!

Edited September 19, 2008 by mikeandjoana

[Skeeter211 2]

The good news is it should not be a problem. The embassy only looks at your income and whether you make over 125% of the poverty guidelines. If can show you make $45,000 a year and there is only two the two of you, you should be fine. They don't look at income to debt ratios. Just present your income tax returns or transcripts and W2s and you should be fine.

Scott

[pushbrk 13,172]

The good news is it should not be a problem. The embassy only looks at your income and whether you make over 125% of the poverty guidelines. If can show you make $45,000 a year and there is only two the two of you, you should be fine. They don't look at income to debt ratios. Just present your income tax returns or transcripts and W2s and you should be fine.

Scott

Actually the Consular officer will look at anything you put on or with your I-134. The good news is that if your income is sufficient, you may simply skip all asset related sections of the I-134.

[mikeandjoana 1]

I receive a yearly salary and work full-time for a New York hospital. All state hospital employees are "temporary employees" for the first 7 years of full-time employment, even though our positions are in the budget every year.

I read that the I-134 requires the letter from my work supervisor to state whether I'm a temporary or permanent employee.

How do you recommend I approach my supervisor when asking for the letter? I don't think legally she can write that I'm a permanent employee, although I'm expecting to work there for many years.

[pushbrk 13,172]

I receive a yearly salary and work full-time for a New York hospital. All state hospital employees are "temporary employees" for the first 7 years of full-time employment, even though our positions are in the budget every year.

I read that the I-134 requires the letter from my work supervisor to state whether I'm a temporary or permanent employee.

How do you recommend I approach my supervisor when asking for the letter? I don't think legally she can write that I'm a permanent employee, although I'm expecting to work there for many years.

Since an employment letter is optional, I'd skip it in your situation and submit pay stubs and tax returns to demonstrate your job is secure.

[mikeandjoana 1]

I receive a yearly salary and work full-time for a New York hospital. All state hospital employees are "temporary employees" for the first 7 years of full-time employment, even though our positions are in the budget every year.

I read that the I-134 requires the letter from my work supervisor to state whether I'm a temporary or permanent employee.

How do you recommend I approach my supervisor when asking for the letter? I don't think legally she can write that I'm a permanent employee, although I'm expecting to work there for many years.

Since an employment letter is optional, I'd skip it in your situation and submit pay stubs and tax returns to demonstrate your job is secure.

On my bank statements and tax returns, it says that I own a property in Arizona and am making payments on it. On my bank account statements it shows a monthly deduction of $1,200 for Chase home mortgage. So, I don't think there is a way around this. Please help me as we approach this issue. What should I do?

Edited November 10, 2008 by mikeandjoana

[KimandRuss 0]

You do not need to supply your bank statement if you meet the minimum requirements.

Simply state your income... and supply the required tax documents.

They are looking at your income... not your debt.

[mikeandjoana 1]

but on the tax transcripts, it is shown that mortgage interest has been paid. If I don't list the property as an asset, will that lead to more problems?

[pushbrk 13,172]

but on the tax transcripts, it is shown that mortgage interest has been paid. If I don't list the property as an asset, will that lead to more problems?

No problem. They are concerned about the income, not how you spend it. Just leave the asset sections blank. They don't have time to analyse the details of tax returns.

[mikeandjoana 1]

but on the tax transcripts, it is shown that mortgage interest has been paid. If I don't list the property as an asset, will that lead to more problems?

No problem. They are concerned about the income, not how you spend it. Just leave the asset sections blank. They don't have time to analyse the details of tax returns.

Would you recommend I write "none" in that section or just leave it blank?

[thepizzadude 26]

but on the tax transcripts, it is shown that mortgage interest has been paid. If I don't list the property as an asset, will that lead to more problems?

No problem. They are concerned about the income, not how you spend it. Just leave the asset sections blank. They don't have time to analyse the details of tax returns.

Would you recommend I write "none" in that section or just leave it blank?

Don't write "none" why would you, you have assets, just leave it blank as many have already stated...don't think too much more about this issue or you gonna go crazy....

[pushbrk 13,172]

but on the tax transcripts, it is shown that mortgage interest has been paid. If I don't list the property as an asset, will that lead to more problems?

No problem. They are concerned about the income, not how you spend it. Just leave the asset sections blank. They don't have time to analyse the details of tax returns.

Would you recommend I write "none" in that section or just leave it blank?

See bold above.

[mikeandjoana 1]

Thank you. I'm going to have my taxes done this Friday with my accountant. I'll be reporting the rent I receive for my condo (the only property I own) as income, so this year might be more complicated than the past. I'll be giving him my w2's and all tax related stuff. It usually takes him a few weeks to get the stuff back to me. When I get my stuff back, can I request a tax transcript for the 2008 year? I already have the requested tax transcripts from 2007, 2006, and 2005. Should I also send in my w2?

Thanks for your help, MikeandJoana

[jordanzs 0]

So does this make sense for my situation:

I'm using the 2007 tax returns. Won't be filing 2008 for a little while.

In 2007, I worked for Home123, which was a retail mortgage company. I was a w2 employee. The company went Bankrupt, and shut down in April.

From Home123, I went to a mortgage broker, which means that I became self employed 1099.

From Home123, I show $20,049 worth of income.

From being self employed, I show $22,089 (net profit, after the usual self employment deductions).

Should I just add those together and call that my annual income, $42,138? I'm sure that 2008 (although be a slow crappy year) is inline, and I'll get a letter from my employer, and I can show 6k in commission checks from last month (we get paid per loan on a weekly basis).

So I guess if this is how it works, I can leave the assets blank. I could show my IRA rollover which has 30k or so, if I don't have to, I won't. The path of least resistance is best!

[Gary and Alla 3,694]

I need help! I bought a condo in Phoenix, Arizona back in 2006 at the height of the real estate market, and have since moved to Long Island, New York for a more stable job, and to live with family for the time being. I owe more on my mortgage than what the condo is worth. I wish I could sell the condo, but due to the real estate conditions, I'm forced to hold onto it, paying the mortgage each month.

What should I do in regards to the I-134? I've been working for 6 years making around $45,000 a year. Soon, I'll be renting a place here in New York and will also continue to be stuck with the payment of my condo in Arizona.

My fiance is aware of this situation. Will questions about this come up at her interview? Please help!

If you are making 45K and can verifiy it, that is all you have to do. No need to mention the condo even exists, obviuosly it won't help you qualify. Answer the question as to current income, attach your 2008 tax return and w-2s and STOP. You are finished.