Help!!!!!

Well my husband officially retires at the end of August.  He will be left with a payoff of around $15,000.  This will be put into a tax deffered retirement plan.  This can be drawn out at any time (thinking of the visa application and proof of funds).  His pension would equate to approx $2000 per month.  The big question now is:  The House. 

There is no way we'll be able to rent it out - there's still work to be done on it and we cant afford to do it anyway.    We can't sell it - we'd end up owing thousands on it.

So, realistically, the only way around it would be to give the house back to the bank.... but then how will this affect the visa application??   Somewhere on the paperwork there must be questions relating to any property we own??   

Just a side note - Pensions are not acceptable as proof of funds as they do take a period of time to access. And it wouldn't be counted as income for the maintance requirement unless he was actually receiving payments from it. Here's a thread that covered this last night: http://talk.uk-yankee.com/index.php?topic=55614.msg792538#msg792538.

It does ask about property that you own and most likley what you could do is just show your property tax statement which would show the value of the home and that you own it regardless of what the issues with having an upside down mortgage. That's if you actually have it when you apply.

If you don't have it when you apply then you wouldn't need to mention it.

Just to reiterate - there are no credit checks for a UK visa.

Just a side note - Pensions are not acceptable as proof of funds as they do take a period of time to access. And it wouldn't be counted as income for the maintance requirement unless he was actually receiving payments from it. Here's a thread that covered this last night: http://talk.uk-yankee.com/index.php?topic=55614.msg792538#msg792538.

WebyJ: thankyou for pointing that out .. OK just to clarify:

OH has a 401K - which will be paid directly into his bank account monthly.  The payoff that he will have will be put into a 457B account but he will be able to access that as and when he wants. 

It does ask about property that you own and most likley what you could do is just show your property tax statement which would show the value of the home and that you own it regardless of what the issues with having an upside down mortgage. That's if you actually have it when you apply.

If you don't have it when you apply then you wouldn't need to mention it.

We might still be living in it though ... but on the other hand we would have defaulted by the time we apply in which case, I don't suppose it would be ours anymore.

Just to reiterate - there are no credit checks for a UK visa.

The 457(B) account most likely cannot be used as proof of supporting funds as it is not readily accessable like a checking or a savings account is. It is still considered a pension or a retirement fund for the purposes of visa applications.

If you have defaulted on the home by the time of your application then I would assume that technically it is no longer owned by you but by the bank.

There are a lot of 'what ifs' and 'maybes' in your current situation. Perhaps it would be best for you to sort yourselves out with your financial situation first and then see what situation you are left with when you get closer to the time where you'd actually be applying for your visa.

I used to work in Welfare Benefits Determinations & Fraud division when I lived in California in my previous life and I always had my clients asking me about things that may or may not happen and how that might affect things. My standard response would always be 'I cannot determine eligibility on a hypothetical situation, I have to take things as they actually are. So when and if the situation changes, let me know and I can tell you how it will affect you, if at all.'

So, it is probably best to see how your situation settles in the end and then seeing what type of a position you're in for a visa application, when and if that time comes.

I'm not trying to be flippant or dismissive, it is that there are just too many hypothetical variables that do not lend itself to clear answers to your questions.

I fear that I am venturing into waters that I am not qualified for and that at this point I am going to suggest that you see professional advice.

After informing my OH that we may not be able to rely on the 457B as proof of supporting funds, he is now saying that if that's the case then any payoff he receives won't be paid not the 457B but into a savings/checking account.

You know, I'm beginning to wonder whether I and my daughter should move back to the UK first and once I'm in a job/etc then apply for the visa from the UK rather than here in the US.  At least this way I could get my daughter into school now rather than later and start putting things into place before my OH arrives.

Are there any positives about us moving back first that anyone could think of?

 




 

First, you cannot apply for the visa from the UK as he cannot switch from being a visitor to the spousal visa.

If you feel it would better your situation to have employment in place in order to prove maintenance that is your decision to do so. Again, I am going to suggest professional advice.

School starts in September and the kids just got out last week for the summer so it might be a good idea so she can start with her class rather than having to go in mid stream.

It also might be better that way he would have a concrete situation to show to the ECO with his visa application rather than it all being up in the air and having more different issues. However, depending on what his payoff is, savings will cover any shortfalls in income when it comes to maintenance requirements.

You have to do what you feel is best for your family.