Can asset offset income ?

[yellow123 0]

My sister and I own a house that's worth about 200,000 on the market. However, during the last two years, my school has provided me with enough financial aid that I didn't need to work. My question is that can I use assets to cover for my lack of income ? Forgot to mention that my consulate is Ho Chi Minh City, VN.

Edited April 2, 2006 by yellow123

[KarenCee 3]

I don't know if that works for all consulates. I am using assets to offset my income requirements, but my fiancé is going through Montréal. You might contact the consulate in HCMC to see what they will allow. Best of luck and I hope this helps.

[Ladylethal 12]

I´ve read on other topics that HCMC is pretty tough on financial situations, not accepting co-sponsors, etc, so you might wanna ask the other couples with alien fiance from Vietnam for advice on that.

[dalegg 143]

Oh wow. Another one. Do you have a co-sponsor? Are you using a co-sponsor?

[scy 0]

My sister and I own a house that's worth about 200,000 on the market. However, during the last two years, my school has provided me with enough financial aid that I didn't need to work. My question is that can I use assets to cover for my lack of income ? Forgot to mention that my consulate is Ho Chi Minh City, VN.

A house is an asset, but it is not a liquid asset. Your question asks if an asset can offset income The answer is maybe. In order to offset income, the asset must be liquid, which means that it can be easily transfered to cash or cash equivalents within one year. Examples of liquid assets are bonds, IRAs, certificates of deposit.

Since your sister and you jointly own the house, I doubt that you can transfer it to cash very easily. So in your situation, I don't think your house will offset the income requirements to sponsor your fiancee.

However, if you do have other liquid assets you can use them to offset your income.

If I was in your situation, I would start looking for a joint sponsor, preferably someone related to you.

[yellow123 0]

dalegg and scy,

As I mentioned in the Vietnam thread, My brother-in-law has accepted to co-sponsor me. I'm very worried since HCMC has very tough guidelines, but I still hold out hope. I was thinking of using my house to borrow a loan from the bank and put it into my checking account. If I have enough in the bank to cover for her 3 years from now, do you think it'll help ?

[dalegg 143]

dalegg and scy,

As I mentioned in the Vietnam thread, My brother-in-law has accepted to co-sponsor me. I'm very worried since HCMC has very tough guidelines, but I still hold out hope. I was thinking of using my house to borrow a loan from the bank and put it into my checking account. If I have enough in the bank to cover for her 3 years from now, do you think it'll help ?

Sorry about that yellow. After I asked that question I looked closer at your previous posts but it was too late to edit.

The only problem with your plan is that if you are going to rely on savings they are going to want to know the average balance of the account for the last year. On the I134 instructions from HCMC, page 2, they state that they want the date you opened the account, the present balance, and the average balance. Well, come to think of it your average balance would probably be pretty high in that case. They might ask for a history of deposits too. But with your interview so close, you certainly don't have time to get a home loan.

Edited April 3, 2006 by dalegg

[meauxna 15]

But with your interview so close, you certainly don't have time to get a home loan.

Without commenting on whether or not to use real estate as an asset, I'll let you know that all that was required for us to use ours was a a statement with the Real Market Value (county tax records or a real estate agent's valuation or recent assessment) and a statement from the mortgage company showing the outstanding loan amount.

The difference is equity, and that is the amount you can use as an asset (at its reduced value of 1/5).

This example is consistant with other reports I've read.

[seattleguy 0]

But with your interview so close, you certainly don't have time to get a home loan.

Without commenting on whether or not to use real estate as an asset, I'll let you know that all that was required for us to use ours was a a statement with the Real Market Value (county tax records or a real estate agent's valuation or recent assessment) and a statement from the mortgage company showing the outstanding loan amount.

The difference is equity, and that is the amount you can use as an asset (at its reduced value of 1/5).

This example is consistant with other reports I've read.

This is very clear. I guess you have done it. Did your mortgage company gave the exact number for the "EQUITY" This would make it easier for the NVC people. I am going to call them and ask for that.

Thankyou very much