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How can I prove EB-5 source of funds with a mortgage secured by inherited real estate?

I am planning to use the house I inherited from my aunt 20 years ago as collateral to loan EB-5 investments funds. My aunt passed away and I have very little knowledge of how she got the real estate at the first place and where I could find proper documentation for it. In this case, what options do I have to prove source of funds?

Answers

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    Julia Roussinova

    Immigration Attorney
    Answered on

    Generally, you should show some documentation that your aunt's estate went through a probate or equivalent procedure under local law and that you were an heir at law who inherited the real estate. A court may be able to generate certified or equivalent official records for you. If no records are available due to how long ago that was, a court may also do a letter confirming the case was closed or you may prepare a declaration explaining your inheritance. You will also need to prove that you are the owner of real estate through a deed or equivalent records, loan origination documentation and appraisal showing the value of real estate is equal to or exceeds the loan to be used as EB-5 funds.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    This is hard but try your best and maybe check records-most of the time the USCIS is reasonable especially if it was acquired a long time ago. Try and show your aunt was an honest person and unlikely to have acquired this unlawfully.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    You can certainly use the inherited property as collateral for EB5 investment. However, you must provide legal proof of your inheritance such as a will or trust. It is also necessary to prove that your aunt owned the house and this can be done by checking information with your local/county government agencies which would have the history of your ownership such as the offices of recorder of deeds for title/deed information and tax assessors for tax documents information. Also, check all private companies that may have information on mortgages and loans on the property. Advisably, work with an EB-5 attorney for list of sources and documentation process and how you can use this estate as collateral.

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    BoBi Ahn

    Immigration Attorney
    Answered on

    You do not need to go that far back (ie., to how your aunt acquired the property). You can document source of funds by showing legal/proper ownership of the house, and your loan documents to obtain the funds.

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    Daniel A Zeft

    Immigration Attorney
    Answered on

    Perhaps there are title records which are local government records and which are publicly available.

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    Charles Foster

    Immigration Attorney
    Answered on

    You may use the house that you inherited from your aunt 20 years ago as collateral for a loan for EB-5 investment purposes. To do so, you would show the court records that show that you inherited the property and you would be able to demonstrate the current value of the property based upon the loan by one or more appraisals. It may well be that you will not have to show your aunt''s source of funds, particularly if you can demonstrate that the value of the property 20 years ago when you inherited and that it has increased in the last 20 years more than the amount of the EB-5 loan.

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    Ying Lu

    Immigration Attorney
    Answered on

    The documentation used to prove the legal source of funds can vary case by case. In some cases, you may not need to provide the evidence to prove how your aunt initially acquired the property.

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    Vaughan de Kirby

    Immigration Attorney
    Answered on

    This should be no problem and can be solved easily by your EB-5 Investment Attorney who can give you a detailed list of the documentation required by USCIS.

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    Blake Harrison

    Immigration Attorney
    Answered on

    Your application could include documents related to your aunt''s ownership of the property, your inheritance of the property, and the passing of your aunt. You could also include declarations explaining the facts of your case with the application.

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    Mark AM Catam, Esq

    Immigration Attorney
    Answered on

    You have to show that the property is under your name since the loan must be secured by the investor's personal property. If your aunt acquired the property 20 years ago but could no longer find proper documentation, you need to provide whatever documents you can find (tax property filings, payment records, sales contract, original title, etc.) and supplement them with an affidavit explaining the facts surrounding the purchase of the property 20 years ago. The affidavit must explain how your aunt funded the purchase of the property.

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    Lynne Feldman

    Immigration Attorney
    Answered on

    The inheritance documents should have an appraised value for tax purposes. Contact the estate attorney.

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    You need to start with the point of your inheritance 20 years ago. You would have your Aunt's ownership at the time of her passing and that ownership passing to you. Since this was an inheritance so long ago, and your Aunt has passed, USCIS probably will not as how she obtained the real estate. It has been my experience that USCIS is not that unreasonable.

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    Raymond Lahoud

    Immigration Attorney
    Answered on

    More information is needed to better address your source of funds questions related to an EB-5 direct investment. Information is needed on the property itself, income the property has earned in the last twenty years, income tax records related to the property, the terms of the mortgage, whether you will be personally liable for the mortgage in case of default, how the property is currently titled, etc.

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