Assets in Lieu of Income Shot Down

[sausagefingers 4]

I pretty much got an excellent baseline, with no guarantees, at least good suggestions how to proceed. The totality of circumstances catch all is a point of vulnerability and I understand that. 

 

I’m going to go linear and just shoot for 5X-10X the difference in assets and hope the totality of circumstances, specific to me, meet the burden when also including the 5x-10x.

 

Thank you all! Not sure it matters but will go back and upvote your posts since sending boxes of chocolate would be less practical. ❤️

[pushbrk 13,195]

13 minutes ago, sausagefingers said:

I pretty much got an excellent baseline, with no guarantees, at least good suggestions how to proceed. The totality of circumstances catch all is a point of vulnerability and I understand that. 

 

I’m going to go linear and just shoot for 5X-10X the difference in assets and hope the totality of circumstances, specific to me, meet the burden when also including the 5x-10x.

 

Thank you all! Not sure it matters but will go back and upvote your posts since sending boxes of chocolate would be less practical. ❤️

As long as you don't count the equity in your primary residence as part of that, it's a good plan.  They are unlikely to consider even 1 dollar of that equity as they make their decision.

[sausagefingers 4]

The reason I say thank you a lot is because it is excruciatingly difficult to find in depth insight. Purely factual stuff can be found but you can’t google the fine details and get the accumulated knowledge you and others offer. This is an area others know more then me but I return the favor in other ways (just not here). The spirit of helping others is a very important thing, especially now. 

Edited April 29, 2020 by sausagefingers
missed quote pushbrk response

[Diane and Chris 651]

You lost me at:  I want to start by saying. My husband and I used the assets instead if income method. It wasn’t hard to figure out. I’m glad you understand now. Nothing beats a good Swiss chocolate. 

[chi6488 94]

Get a home equity loan and put that in the bank to show cash on hand.  If you do not have enough equity than USCIS had a valid point

 

[NikLR 13,232]

2 minutes ago, chi6488 said:

Get a home equity loan and put that in the bank to show cash on hand.  If you do not have enough equity than USCIS had a valid point

 

Not sure that would work as qualifying assets as it needs to be paid back. 

[Crazy Cat 42,619]

7 hours ago, chi6488 said:

Get a home equity loan and put that in the bank to show cash on hand.  If you do not have enough equity than USCIS had a valid point

 

Is that really a viable asset?   

Edited April 29, 2020 by Lucky Cat

[chi6488 94]

3 minutes ago, NikLR said:

Not sure that would work as qualifying assets as it needs to be paid back. 

 

2 minutes ago, Lucky Cat said:

Is that really an asset?   

How will USCIS know that it is a debt when checking/savings shows just a dollar amount of cash on hand.  Oh, I forgot, USCIS has access to all applicant's personal bank accounts

[NikLR 13,232]

3 minutes ago, chi6488 said:

 

How will USCIS know that it is a debt when checking/savings shows just a dollar amount of cash on hand.  Oh, I forgot, USCIS has access to all applicant's personal bank accounts

You have to show how the money got there if it's a lump sum like that and while I only have experience with car loans, they have their own account. 

[carmel34 3,662]

4 minutes ago, chi6488 said:

 

How will USCIS know that it is a debt when checking/savings shows just a dollar amount of cash on hand.  Oh, I forgot, USCIS has access to all applicant's personal bank accounts

They can and likely will ask about the source of the money.  A loan to temporarily increase liquid assets probably won't fly.

[geowrian 22,338]

A HELOC would not be beneficial here. If it's a true HELOC, it would need to be listed on the I-864 (and evidence of it provided) to assess the net value of the home.

If it was an unsecured loan, it's somewhat debatable if it needs to be listed, but the sudden deposit is going to stick out like a major red flag.

Edit: Shifting money around won't solve the issue,. and adding debt is not helpful...loans are not free.

Edited April 29, 2020 by geowrian

[pushbrk 13,195]

The solution is more income, not playing games with loans against home equity.  Using liquid assets requires a history of statements showing the money has been there a while.  No reputable bank is going to grant such a loan unless the borrower can actually pay it back.

[Nitas_man 3,100]

On 4/28/2020 at 2:34 PM, sausagefingers said:

Lucky Cat, Lil Bear.... besides the animal theme thank you also for the info.

I have  heard different required numbers so appreciate the data and link. 

 

🙂

 

 

3x the difference in liquid assets (minimum) to overcome the (minimum) requirements.

The CO will then decide based on totality of circumstances if meeting the minimum requirements overcomes the potential to become a public charge.  That, is based on what is in front of the CO and ranges from employability and health of the immigrant to healthcare arrangements between the immigrant and sponsor in the US.

 

Failure to overcome a public charge finding leaves the following options:

Immigrant’s assets can be used

Joint sponsor can be obtained

Increase your income

 

Good luck

 

 

 

[Nitas_man 3,100]

7 hours ago, chi6488 said:

 

How will USCIS know that it is a debt when checking/savings shows just a dollar amount of cash on hand.  Oh, I forgot, USCIS has access to all applicant's personal bank accounts

Though we provided bank account information I am unaware of any instance where USCIS had access to them.  They are well within their rights to ask for the source of any asset you declare and have that file wait patiently in a folder until that evidence is provided.

Edited April 29, 2020 by Nitas_man

[pushbrk 13,195]

2 minutes ago, Nitas_man said:

Though we provided bank account information I am unaware of any instance where USCIS had access to them.

Correct.  USCIS doesn't have access to petitioner's accounts unless you provide it to them.  However,  USCIS is not involved in the public charge decision in visa cases.  Consular Officers do that.  Debts are not asked about but they want to know where the money came from and how long it has been there, so it gets documented with multiple statements.