How about this ?......
No citizenship, no green card, no mortgage
Read it here http://www.inman.com/InmanINF/mris/story.aspx?ID=50139
Location: Western Hemisphere
Posted on: 28-02-06 15:29:27
A lot of these proposals seem to stem from the post 9/11 paranoia of "aliens". And for the politician clowns, it is a good vote grabbing tool.
If you read the article, the majority of content notes words like US Citizens, permanent residents and then goes right down to illegal immigrants. What is forgotten is the unfortunate group who are non-immigrants on visas, but perfectly a legal population living in the US.
Also, the other thing is the lobbying power of the loan industry. Depending on how much they stand to lose, their voice would get louder against these bills and of course, politicians have never said no to campaign "donations".
And then plain ignorance among a significant media and population that helps fuel these bills. Example: we all might have heard media stories about this or that guy detained and the reports that the guy had an expired visa. Yet, no one mentions about valid or expired I-94 that truly determines the legality of that individual.
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Dimple2001
Ok, agreed, but the basic intent is to discourage the Illegal Immigrants from settling down and own properties and thereafter claiming legitimacy of their status etc. which are highly debatable.
Even for the Legal aliens ( Visa holders ).
Think oo these lines. do you really support the idea of owning properties /homes when one is not settled and has no permanent status to be in a country where he/she is working ? How realistic is this ? What are the chances of her staying in the country for a longer period of time?
I am of the opinion that people should have some kind of long term residency plans ( which is possible with a minimum GC only) before venturing into these mortgages etc.
Thoughts ?
Quote:
Orginally posted by naudurivsm
Think oo these lines. do you really support the idea of owning properties /homes when one is not settled and has no permanent status to be in a country where he/she is working ? How realistic is this ? What are the chances of her staying in the country for a longer period of time?
Thoughts ?
Ok Why not. I am a canadian citizen but I have TN visa. I had hoped that if I take up a job on TN visa, i would buy a property rather than rent it and sell the property when it is time for me to go ack to Canada. Of course I will have to get a mortgage for it as I ma not planning to seell my Toronto home.
Quote:
Orginally posted by lana2005
Quote:
Orginally posted by naudurivsm
Think oo these lines. do you really support the idea of owning properties /homes when one is not settled and has no permanent status to be in a country where he/she is working ? How realistic is this ? What are the chances of her staying in the country for a longer period of time?
Thoughts ?
Ok Why not. I am a canadian citizen but I have TN visa. I had hoped that if I take up a job on TN visa, i would buy a property rather than rent it and sell the property when it is time for me to go ack to Canada. Of course I will have to get a mortgage for it as I ma not planning to seell my Toronto home.
The reason I thought is not a good idea is mostly people on short terms stay like H1 or ohter visa(s), do not stay for longet periods at a particular place, given the nature of their profession / occuipation. In such situations owning a home etc is not worth of an effort under any reasonable standards of thinking.
Here is a case :- An H1 person comes to US after working for 1-2 years say buys a home, and something untoward happens and he needs to go home at a very short notice. and then how difficult is that situation to take care of these property formalities etc.
It is not that No one should get into this, But how wise is this to get into ?
considering the stability and ability as well.
- in your case you are better off being a Citizen of Canada and on TN Visa , as per NAFTA I think you can own prorperties in USA even without living there (please check though, i guess I am right)
So what happens, if you have to return back to Canada in a haste, it is not an issue for you to either dispose the home or keep it.
So good luck if you are attempting on this.
Location: Western Hemisphere
Posted on: 28-02-06 16:19:11
Quote:
Orginally posted by naudurivsm
Ok, agreed, but the basic intent is to discourage the Illegal Immigrants from settling down and own properties and thereafter claiming legitimacy of their status etc. which are highly debatable.
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Yep, you are right on the crackdown of the illegals. Legals are suffering because of the illegals. However, one cannot claim immigrant status legitimacy based on property ownership. At least I hope there are no laws like that !!
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Even for the Legal aliens ( Visa holders ).
Think oo these lines. do you really support the idea of owning properties /homes when one is not settled and has no permanent status to be in a country where he/she is working ? How realistic is this ? What are the chances of her staying in the country for a longer period of time?
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I did own a home in Michigan fully knowing that we would live in that home only for about 2 to 4 years. We lived for 2 years and few months and sold the property. My driving factor to own a home was not having to pay rent and enjoy the tax benefits. I guess, it all depends on the individual.
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I am of the opinion that people should have some kind of long term residency plans ( which is possible with a minimum GC only) before venturing into these mortgages etc.
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I agree while it is still upto the individual. Like I said, we lived there to enjoy the financial benefits. However, compared to how much I invest my time and money in my current home (on home improvements), I did not do a thing in the MI home other than live there.
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Dimple2001
Location: Western Hemisphere
Posted on: 28-02-06 16:23:07
Quote:
Orginally posted by naudurivsm
Here is a case :- An H1 person comes to US after working for 1-2 years say buys a home, and something untoward happens and he needs to go home at a very short notice. and then how difficult is that situation to take care of these property formalities etc.
It is not that No one should get into this, But how wise is this to get into ?
considering the stability and ability as well.
This is a very valid point especially during times of volatile economic conditions. It is difficult to simply walk away from your home when you have to literally leave the country. There have been numerous cases of IT employees on H1 getting into this quagmire.
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Dimple2001
