Using assets to make up the difference ?????

[SDB112585 0]

I'm a student and don't have a job yet to sponsor my fiance on my own so my mom is going to be a joint sponsor for me we are just under the poverty line we are going to use the house we live in as assets to make up for the difference we need does the house have to be totally paid off and the house is under her name her husbands name and my grandmas name is this going to be ok? she also has a life insurance policy which I don't think is for alot and a car that is totally paid off, she has her tax returns for last 3 years they were filed jointly with her husband together they make over the poverty line good but her just alone is hard to get past the poverty line, she also has a letter from her employer with recent paystubs and also recently had the house appraised any advice if we could do this with the house or just with the other assets alone or all assets listed combined thanks for advice.

[Barbara J 115]

I'm a student and don't have a job yet to sponsor my fiance on my own so my mom is going to be a joint sponsor for me we are just under the poverty line we are going to use the house we live in as assets to make up for the difference we need does the house have to be totally paid off and the house is under her name her husbands name and my grandmas name is this going to be ok? she also has a life insurance policy which I don't think is for alot and a car that is totally paid off, she has her tax returns for last 3 years they were filed jointly with her husband together they make over the poverty line good but her just alone is hard to get past the poverty line, she also has a letter from her employer with recent paystubs and also recently had the house appraised any advice if we could do this with the house or just with the other assets alone or all assets listed combined thanks for advice.

You have already posted this before and have been advised to get another sponsor you can't have multiple sponsors so if your mother makes 125% guideline you will be right.

[SDB112585 0]

yea decided yesterday will just have my mom sponsor instead of her and my grandma just trying to gather info on how to use the assets to help

[JimVaPhuong 4,863]

yea decided yesterday will just have my mom sponsor instead of her and my grandma just trying to gather info on how to use the assets to help

If the home is jointly owned then they probably won't accept it. It doesn't have to be paid off, but she would have to submit proof of ownership, a recent appraisal from a licensed appraiser, as well as recent documentation of any liens or encumbrances (i.e., mortgages) in order to prove the amount of equity that's available. The problem is that the consular officer will probably not consider that equity to be available to her because she'd need the approval of the other co-owners in order to borrow against it.

Cars can be used, but not if it's the sponsor's only car. One of the fundamental requirements for assets is that the sponsor must be able to convert it to cash within 12 months without undue hardship or financial loss. Selling your only car is considered "undue hardship". In fact, it's one of the scenarios specifically disallowed in the I-864 instructions. If she owns multiple cars then she can declare all but one. Again, she'd need proof of the cars resale value and proof of ownership.

Life insurance can be used if it's the type that has a cash-out value, such as Whole Life. Term life insurance policies usually cannot be cashed out. Again, proof that she owns the policy and proof of it's cash-out value.