is my own house enough of an asset, and if not, what will they do?

[Simmy 3]

Hi there,

For the I-485, my mother-in-law has decided she is not comfortable being a co-sponsor, and my wife herself has little income to show, so that leaves my house in Canada as the only piece used to meet financial requirements. I have two concerns about this:

1. The house is worth $380,000 minus the mortgage, for which I have a loan statement from the bank, showing that I have approx. $150,000 of my own money in the house. Having done the calculations, this exceeds the minimum poverty level requirements by approximately $40,000, which sounds like a pretty good spread, but I'm concerned that we're using *only* the house of the applicant (myself), and nothing else -- specifically no support shown from a U.S. citizen. Will this be enough?

2. The application asks for a certified appraisal of the house to prove its value. Those friggin things cost another $200, after the $1600 spent so far. In lieu of that, I have the "property assessment notice" of the provincial government -- a legal document which assesses the value of the property independently of the house (upon which they base property taxes). In fact, the house is worth *more* than the property assessment alone indicates, and I am also going to send the real estate document from the sale of the house a few years ago as supplemental support. I'm just wondering if anyone knows if the property assessment and real estate document together will be enough or will I still have to come up with a certified appraisal? Not as big a deal as my first question, but still something I'd like to plan for.

Thanks,

Simmy

[Simmy 3]

As a follow-up to that, if they deem my house insufficient on its own, will they be "open" and tell me that I need to provide other shows of support, or will they be "closed" and say, "we need exactly (this)" from you? And if I can't meet those, does that mean I simply lose my AOS application including the fee?

Thanks you folks!

Simmy

[Darnell 8,478]

some errata -

it's my understanding that any 'beneficary' 'assets' are computed at 1/5 of assessed value, whilst the 'petitioner assets' are computed at 1/3rd of assessed value.

But, that's pre-supposing you are allowed to include beneficiary assets in the I-864, yes? If you are, hey - that's a good thing, yes?

Sorry, I wish I had a 'solid answer' for you..

[Penguin_ie 5,993]

They might not allow the foreign asset at all (I know with embassies, some do and some will only take US based assets.).

[Simmy 3]

Hi Darnell,

As this document states, the cash value of assets must equal five times the difference between the sponsor's income and 125 percent of the poverty line for the household size, which is essentially what you're saying. My wife has 2 children, plus myself = household of 4, for which the poverty line in Oregon is $22,050My wife has two kids, plus myself = family size of 4, for which the poverty line in Oregon is $22,050. My wife has effectively 0 income, so we take the full amount of $22,050 and multiply it by 125% = $25,562.50. And we take that and multiply it by 5 = $137,000. Now, my property is assessed at $378,000 CDN, minus the $216,680 CDN that is owned by the bank = $161,320 CDN = $151,930 USD of my own money.

$151,930 - $137,000 = $15,000 room to spare, which, frankly, is really close. It is this closeness, combined with the fact that we have no show of sponsorship within the U.S. that has me worried. Technically, as I understand it, we meet the requirements, but I am hoping to hear from other people on what their experiences have been with this, as it does seem awfully close, and if they're going to ask us to come up with alternative shows of support and I can't convince my wife's parents to sponsor us, then I might as well call the whole AOS process off now before I send in the $1400, and start researching my wife's immigration to Canada instead.

Thanks,

Simmy

[Anh map 2,098]

Current asset value as shown by a recent appraisal done by a license appraiser (page 8 I-864 instructions). Tax assessment or purchase&sale doc will not be acceptable.

Darnell is correct on the 5:1 ratio for assets outside of the US. I-864 FAQ from the State Dept. website >>> http://travel.state.gov/visa/immigrants/info/info_3183.html#_What_can_be

Edit: Income level needed for a household of 4 is currently $27,562 (per the I-864P) It is up to adjudicator to determine whether your house alone will be sufficient. That determination will likely hinge on how quickly the house could be liquidated and what effect that would have on you. If they see it as considerable hardship on you they may want to see something additional.

Edited August 25, 2010 by Anh map

[Simmy 3]

Thanks Anh. That's a bummer.

[Simmy 3]

In response to Penguin,

From the I-864 instructions:

If your income alone is not sufficient to meet the requirementfor your household size, the intending immigrant will be ineligible for an immigrant visa or adjustment of status, unless the requirement can be met using any combination of the following:

The value of your assets, the assets of any household member who has signed a Form I-864A, or the assets of the intending immigrant;

To be clear, this addressed a different question than what Penguin asks. It says that the intending immigrant can use his/her assets (my house). But my house is still a foreign asset, which that quote doesn't address either way. Does anyone know if a foreign asset, in this case a Canadian house, can be used?

Thanks,

Simmy

[Darnell 8,478]

simmy - there is also issue of 'voice' for the instructions, as well.

most of the instructions are written with the intended audience to be the SPONSER and/or the petitioner, rarely the beneficiary.

so the instructions have 'the voice' of the SPONSER and/or petitioner, as well.

Yer the beneficiary, so it's not the same 'voice'.