Help regarding AOS paperwork!

[emyardy 11]

Hello,

I am filling out the i-184 paperwork for my husband's adjustment of status, and I have a few questions..

My yearly income is only around $9,100.00 a year as I am still in school. My husband does not have a job here, obviously, so that is our 'household' income. However, Jake was able to purchase our home when he moved to the US. It was a foreclosure which cost about $70,000, but is now worth around $110,000. Instead of getting a cosponsor, is using our house as an asset a good idea? I don't want to gamble with AOS at all, and want to be very confident that we will not need a joint sponsor.

Thanks all!

[Lynkali 163]

I'm sure someone more knowledgeable will chime in, but I've always heard that using the home you currently live in is questionable -- because you can't "convert it to cash" in a reasonable amount of time, which is what they want to see in terms of assets. Stocks can be sold, bank accounts can be used, but for the house, you still have to live somewhere so how are you going to get cash out of it? Same thing with the car you use for daily life -- you can't just claim it as cash value, because you still need a car to get around.

I'm not saying you can't use the house -- I just don't know that the house alone is enough to make up your huge shortfall in income. You'll need to show at least $30,000 cash value free and clear, with your current income. Does he own the house outright, with no mortgage? And have you had a recent appraisal that will legally show the value of the house? I believe the form requires you to have proof of appraisal value.

If he has assets such as bank accounts or investments, those would be preferable to the real estate, but as I said, I hope someone more knowledgeable will be able to give a definite answer.