britt

they are not accepting houses anymore, it can be paid for, and it doesnt count. you have to sell the house and have cash in the bank

Harold

How about posting a link instead of the entire bible?

Or, at least, just copy and paste the relevant bits.

Harold

britt <member20567@british_expats.com> wrote in message news:<[email protected]>...
    > Originally posted by Danny Davis
    > > Ben,
    > >
    > > Harold is
    > correct that real estate is not a liquid asset but equity in real
    > >
    > estate is.
    > >
    > > If you include your employer letter and income figures
    > AND your assets. All
    > > liquid assets, bank accounts, stocks, bonds,
    > and equities. The assets again
    > > must total at least 5 times the value
    > of your shortfall.
    > >
    > > I don't know what you consider a low paying
    > job. If you are talking $6 an
    > > hour then your income is roughly
    > $12,000. The requirement is for 125%, not
    > > 100%, so for 2 people you
    > would need $15,613 minimum income. That means that
    > > if you have
    > $12,000 you need (5x$3613) $18,065 in assets.
    > >
    > > Good Luck,
    > > Dan
    > Davis
    > >
    > > "Ben Tohelanbac" <[email protected]> wrote in
    > message
    > > news:20040313054456.08945.00001293@mb-
    > m13.wmconnect.com"]news:20040313054456.08945.00001293@mb-
    > m13.wmconnect.com[/url]...
    > > > Will it be a problem if I do not
    > have a 1040 or any other proof of income?
    > > > Can I show
    > proof of assets instead? If so, how much value would be
    > >
    > required?
    >
    > they are not accepting houses anymore, it can be
    > paid for, and it doesnt count. you have to sell the house and have
    > cash in the bank

What's the difference between real estate and equity in real estate?

The immigration law says the qualifying assets must be convertable to
cash within one year- that's the textbook definition of liquid assets.
Real estate, or equity therein, is not considered a liquid asset. I
know, I know, you could sell it within a year. However, it has been
reported recently- see visajourney.com- that equity in a home was
ignored by the Consular Officer. I can understand that- beyond the
problem of valuation, there is the problem of clear title, where you
would live if you sold it, etc. You just cannot count on them
accepting equity in real estate. Besides, think of it this way- if you
went to remortgage to get your equity into casy, the bank would
require you to have income before they would remortgage. Catch 22.

And the requirement, if you are not submitting an I-864, is 100% not
125% of poverty level. Don't believe me? Google it, I don't have the
link handy.