Quote:Whether one should or shouldn't do something is very different from whether one has the choice/freedom to do it or not.
Orginally posted by dimple2001
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.
I think it is wrong to take away that choice/freedom from those who are not citizens or permanent residents.
If that freedom is there, then a person can decide whether it is best for him/her to make that decision (i.e. to buy a home or not).
For some people it can be a right decision - for example, someone comes to the US (on H-1B, let's assume) to work for a company.
Let us say this person has skills that are in high demand and the company has assured him that in due course, they will sponsor him for a GC.
If that pans out, then it may be in his best interest to purchase a home within the first couple of years, and not have to wait for 5 - 6 years.
I think it is wrong to take that freedom of choice away from legal residents by the force of a law.
I understand the issue with illegal "aliens", but that's different....
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
"settled" and "stability" are relative terms.
Well, even on H1 you can stay upto 6+3= 9 years!
A lot many things can change in a decade.
Still I do not agree with mortgage based on any status. It's a fact that lending mortgage needs visible long term stability.
Remember the dot-com burst in 2000 ? There were cases when H1 holders just left their leased/financed cars outside SFO and left the US.
And I even heard H1 holders did same thing with their home. (I did heard this, not completely sure about the validity)
Petty scary. But it did happened.
On the other side, banks do not want to loose business. Worst case, temp visa holder might be charged heavy intrest rate.
Location: Western Hemisphere
Posted on: 28-02-06 17:30:36
Quote:
Orginally posted by l5a
"settled" and "stability" are relative terms.
Well, even on H1 you can stay upto 6+3= 9 years!
How come 9 years? Just curious.
The max for one H1 term is 6 years - 3 plus 3, i.e, each petition is valid for a max of 3 years. One year extensions beyond 6 are allowed under certain conditions and they can be renewed annually, in theory, forever.
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Dimple2001
Quote:
Orginally posted by dimple2001
How come 9 years? Just curious.
The max for one H1 term is 6 years - 3 plus 3, i.e, each petition is valid for a max of 3 years.
Yea, under certain conditions - if your labour is filed and blah blah blah then you can get upto 3 years extensions. (could be 3 years in one shot or 1+1+1)
Quote:
Orginally posted by dimple2001
One year extensions beyond 6 are allowed under certain conditions and they can be renewed annually, in theory, forever.
Mmmmm ... It is 3 year for H1. "forever" could be for TN. Is it ?
Quote:No, even for H-1, it can [theoretically] be renewed forever if certain conditions are met.
Orginally posted by l5a
Mmmmm ... It is 3 year for H1. "forever" could be for TN. Is it ?
6 years is the default limit and it can be renewed in 1 yr. increments only if certain conditions are met.
Upto 9 years is not surprising, but I have heard of very few cases beyond 9 years.
Primarily because 9 years ago from now was around 1997 and most people who applied for GC during those days got it much sooner than currently (in 2 -3 years or less).
I have however heard of cases where the extensions were denied after about 8 years and the person had to leave the US.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Ok H1 extensions ;
here is the clarification;
1 year increments of H1 extension is given, if a Labor petition is filed with DOL and is pending approval / decision for more than 365 days
Or in case an individual has a LC apporved.
3 year increments of H1 extensions are possible if an "I-140" petiion is approved ( not just filed) as well. awaiting I-485 filing or approval
But technically one is in a "Temporary " unless you get your GC.
Anyways .. let us not devaite the discusion.
comouning back to the topic.
Even I am against a biased lending ( based on residency status);
But I do not think this bill is going to get approval, since in US businesses dictate laws. and so;
Do you think the Lending Industry will quitely agree to this ? I doubt.
The lenders always look in two ways
> Business wise - getting more business with more lending
> Security wise - Be ensuring that the amount is recovered /paid back i
in time.
So with the second scenario of "getting back the loan amount" in mind ,
Is it not the duty / responsibility of the Bank/lender to amke sure that a prospective loanee is in a stable position/situation in the country ( in terms of Job, personal financing and even residency apart from other things like credit worthiness /history) ?
\\ Please do not go into Credit issues here.for the sake of this topic\\
your opinions please....
Quote:The bank can always take the property back - since it belongs to them until the loan is paid off fully and re-sell it to recover it's principal amount.
Orginally posted by naudurivsm
So with the second scenario of "getting back the loan amount" in mind ,
Is it not the duty / responsibility of the Bank/lender to amke sure that a prospective loanee is in a stable position/situation in the country ( in terms of Job, personal financing and even residency apart from other things like credit worthiness /history) ?
The person leaving the country isn't going to take the house alongwith him - so what's the issue here then?
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
