Just out of curiosity sake how would assets..

[LarryHickman 181]

Just out of curiosity sake how would assets be good enough if someone (the petitioner) lost their job after the Embassy interview but before the AOS interview? How is assets somehow equal or greater than the 125% poverty line suffice for weekly or monthly income? 

 

Here is a reply from a lawyer to a female petitioner who is sponsoring a beneficiary who lost her job. I read this before but not sure how it worked?

 

“If her income does not meet the minimum requirement by USCIS, then you will need a joint sponsor for your affidavit of support. If you are unable to do so, your wife may also show any assets she owns if their value meets the income requirements”

Edited September 12, 2018 by LarryHickman

[GreatDane 366]

21 minutes ago, LarryHickman said:

Just out of curiosity sake how would assets be good enough if someone (the petitioner) lost their job after the Embassy interview but before the AOS interview? How is assets somehow equal or greater than the 125% poverty line suffice for weekly or monthly income? 

 

Here is a reply from a lawyer to a female petitioner who is sponsoring a beneficiary who lost her job. I read this before but not sure how it worked?

 

“If her income does not meet the minimum requirement by USCIS, then you will need a joint sponsor for your affidavit of support. If you are unable to do so, your wife may also show any assets she owns if their value meets the income requirements”

If the USC (petitioner's) income is below the 125% threshold, you can use assets to make up the difference. For example, 125% is $25,000 USD and the petitioner only earns $20,000. They are currently $5,000 under the required amount. Five times the amount of assets will be required to make up for the shortfall. In this example, the petitioner would need to have assets of $25,000 to make up for the difference income. Alternatively, the petitioner might be out of work or retired. They could use their pension and assets they have to make up the $125,000 USD they would need. 

 

If a petitioner does not have five times the assets or is a more risky/borderline case, having a joint petitioner is a great option. If you have the option, I would always recommend it.

[geowrian 22,337]

36 minutes ago, GreatDane said:

Five times the amount of assets will be required to make up for the shortfall.

3x for a spouse or under-21 child, which I assume is the case here since they had a K-1.

Edited September 12, 2018 by geowrian

[LarryHickman 181]

6 hours ago, GreatDane said:

. Alternatively, the petitioner might be out of work or retired. They could use their pension and assets they have to make up the $125,000 USD they would need. 

Ok I get pension (this is a stream of revenue) but how is an asset used as a stream of revenue? What is this like a home you own or have equity in used as collateral?  

[GreatDane 366]

4 hours ago, LarryHickman said:

Ok I get pension (this is a stream of revenue) but how is an asset used as a stream of revenue? What is this like a home you own or have equity in used as collateral?  

If you have a fixed asset, like a house, you need three times the value to cover the gap or account for the full support level.

[LarryHickman 181]

48 minutes ago, GreatDane said:

If you have a fixed asset, like a house, you need three times the value to cover the gap or account for the full support level.

Ok so if above poverty level for two people is roughly $25K, the house that I own and/or Im assuming that I need real equity in needs to be worth $75K? If so what exactly is the feds holding against my property or could potentially hold me or my property for? Some kind of lien?

 

if it some kind of lien i get there’s money there the feds could sell for cash and repo on someone if they had to. 

 

So at the end of the day if a person lost their job and COULD NOT find a sponsor they could use their assets as collateral for the Affidavit of Support ?????

Edited September 12, 2018 by LarryHickman

[geowrian 22,337]

5 minutes ago, LarryHickman said:

Ok so if poverty level is roughly $25K, my house that I own or I assume I need real equity in needs to be worth $75K? If so what exactly is the feds holding against my property? Some kind of lien?

No lien or loan....they just need to know that the value is available at the time of adjudication. What happens afterwards has no impact on the process.

Yes, for an income gap of $25k, at least $75k in assets must be shown. Keep in mind this is the minimum...the IO makes the final call on the public charge concern.