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  #1  
Old 08-10-2011, 03:53 PM
h1techSlave h1techSlave is offline
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Default White house seeks ideas to fix foreclosure glut

White house seeks ideas to fix foreclosure glut: White House seeks ideas to shrink foreclosure glut - Yahoo! Finance

I will buy two foreclosed properties, if I were to get green card. For qualifying for loan on a foreclosure home, you need a GC.
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  #2  
Old 08-10-2011, 03:59 PM
PlainSpeakSucks PlainSpeakSucks is offline
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Green card for buying a house and holding it for 5 years is a good idea. just like getting married to a local . Besides it would become a package, as these people would also buy a car, bumping up the automotive sector and manual labor jobs.

I heard this actually this used to happen long time back in california. people who bought land would get a GC.


Quote:
Originally Posted by h1techSlave View Post
White house seeks ideas to fix foreclosure glut: White House seeks ideas to shrink foreclosure glut - Yahoo! Finance

I will buy two foreclosed properties, if I were to get green card. For qualifying for loan on a foreclosure home, you need a GC.

Last edited by PlainSpeakSucks; 08-10-2011 at 04:06 PM.
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  #3  
Old 08-10-2011, 04:00 PM
dontcareaboutGC dontcareaboutGC is offline
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Originally Posted by h1techSlave View Post
White house seeks ideas to fix foreclosure glut: White House seeks ideas to shrink foreclosure glut - Yahoo! Finance

I will buy two foreclosed properties, if I were to get green card. For qualifying for loan on a foreclosure home, you need a GC.
I do not think that you need a GC to qualify for a loan- perhaps that argument may not fly- What perhaps will help is indicating that people have financial means to purchase houses but aren't willing to do so due to the insecurity presented because of lack of stability a.k.a long wait times in the GC queue.
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  #4  
Old 08-10-2011, 04:15 PM
h1techSlave h1techSlave is offline
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Originally Posted by dontcareaboutGC View Post
I do not think that you need a GC to qualify for a loan- perhaps that argument may not fly- What perhaps will help is indicating that people have financial means to purchase houses but aren't willing to do so due to the insecurity presented because of lack of stability a.k.a long wait times in the GC queue.
not "to qualify for a loan"; but to qualify for a loan to buy a foreclosed property. It is not an argument with out merit. My loan application was rejected two times because I did not have a GC. I have used the rejection letter to get my deposit back.
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  #5  
Old 08-10-2011, 04:19 PM
h1techSlave h1techSlave is offline
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Default many a times foreclosure is due to divorce

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Originally Posted by PlainSpeakSucks View Post
Green card for buying a house and holding it for 5 years is a good idea. just like getting married to a local . Besides it would become a package, as these people would also buy a car, bumping up the automotive sector and manual labor jobs.

I heard this actually this used to happen long time back in california. people who bought land would get a GC.
Many a times foreclosure is due to divorce. Do you think we can solve both the problem (the problem of a newly divorced wife and the foreclosed property) by giving away GCs??? ;-) ;-) ;-)
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  #6  
Old 08-10-2011, 04:23 PM
dealguy007 dealguy007 is offline
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Originally Posted by h1techSlave View Post
not "to qualify for a loan"; but to qualify for a loan to buy a foreclosed property. It is not an argument with out merit. My loan application was rejected two times because I did not have a GC. I have used the rejection letter to get my deposit back.
You might have a bad Realtor/Broker, i am on H1 and got mine approved with no problem through Citi last year.
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  #7  
Old 08-10-2011, 10:54 PM
arung arung is offline
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I guess most EB3I people seeking option to get GC with buying property. A best option for govt. , may be it's time to write to whitehouse.gov
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Old 08-11-2011, 01:09 AM
skpanda skpanda is offline
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There was a bill back in 2008 or 2009 that prposed giving green cards for those who bought properties. That failed terribly without a trace.

I bought a forclosed property in 2010. I have a loan on the property.


Quote:
Originally Posted by h1techSlave View Post
not "to qualify for a loan"; but to qualify for a loan to buy a foreclosed property. It is not an argument with out merit. My loan application was rejected two times because I did not have a GC. I have used the rejection letter to get my deposit back.
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Old 08-11-2011, 01:15 AM
snathan snathan is offline
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Quote:
Originally Posted by h1techSlave View Post
Many a times foreclosure is due to divorce. Do you think we can solve both the problem (the problem of a newly divorced wife and the foreclosed property) by giving away GCs??? ;-) ;-) ;-)
So which one you want..?
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  #10  
Old 08-11-2011, 03:14 AM
gk_2000 gk_2000 is offline
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Quote:
Originally Posted by h1techSlave View Post
Many a times foreclosure is due to divorce. Do you think we can solve both the problem (the problem of a newly divorced wife and the foreclosed property) by giving away GCs??? ;-) ;-) ;-)
Reminds me of a certain saying that goes "Be careful what you wish for ...." .... Just saying ..
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  #11  
Old 08-11-2011, 09:47 AM
PlainSpeakSucks PlainSpeakSucks is offline
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Quote:
Originally Posted by h1techSlave View Post
Many a times foreclosure is due to divorce. Do you think we can solve both the problem (the problem of a newly divorced wife and the foreclosed property) by giving away GCs??? ;-) ;-) ;-)
Yes we can fix 2 or 3 more problems. There will be more complete families, add another car to the family . Your credit card is going to get burned though which is good for the economy.
They should also reduce the wait time for the marriage citizenship to 2 years, since you're taking on more overhead in property.
Don't you want to see the future wife though before committing for a GC?
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Old 08-11-2011, 09:47 AM
gc_check gc_check is offline
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Quote:
Originally Posted by h1techSlave View Post
not "to qualify for a loan"; but to qualify for a loan to buy a foreclosed property. It is not an argument with out merit. My loan application was rejected two times because I did not have a GC. I have used the rejection letter to get my deposit back.
Quote:
Originally Posted by dealguy007 View Post
You might have a bad Realtor/Broker, i am on H1 and got mine approved with no problem through Citi last year.
I have had issues with re-fi. Almost all major banks ask for I-94 / Visa copy and are not recognizing the EAD as a valid status. I have had issues with Bank of America, Wells Fargo and I ended up with a credit union. Again it depend on the under writer you application get assigned to and if is not knowledgeable, you are in difficulty. This causes added pain when you are in AOS.
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Old 08-11-2011, 09:55 AM
sidbee sidbee is offline
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Quote:
Originally Posted by h1techSlave View Post
White house seeks ideas to fix foreclosure glut: White House seeks ideas to shrink foreclosure glut - Yahoo! Finance

I will buy two foreclosed properties, if I were to get green card. For qualifying for loan on a foreclosure home, you need a GC.
I dont think you are right .You dont need GC for a Home loan on a foreclosure.Some Lenders like ING need GC for any Home Loans. According to the FM's regulations , H1B is eligible for Home Loans,
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Old 08-11-2011, 04:45 PM
h1techSlave h1techSlave is offline
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Default GC is not mandatory for a loan

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I dont think you are right .You dont need GC for a Home loan on a foreclosure.Some Lenders like ING need GC for any Home Loans. According to the FM's regulations , H1B is eligible for Home Loans,
I perfectly agree with you that a GC is not mandatory for a home loan. But having a GC makes the applicant qualifies for many loan programs, which he would not be qualified in EAD or H1B status.

This situation is similar to many other situations in life. Is it a must to have GC to start a business? If you have a world shattering idea, you can be an illegal immigrant and still start a business. Is it a must to have education to be successful in life? If you are incredibly talented, then you don't. But for average folks these things help. Having a GC opens up many avenues for an average joe like me to start a business. Having a decent education is the only guaranteed way an average joe like me can be successful in life. That is my point.

Right now the US government is basically out of options on how to mend the economy. If we can throw an idea, (even one, which would be unthinkable 5 years back) they may listen to you.
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Old 08-11-2011, 09:42 PM
Rb_newsletter Rb_newsletter is offline
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You guys are talking about borrowing money from bank. Have you tried to open a trading account in BoA/Merrill Lynch? They ask for GC/citizenship. I don't understand that logic.

Except font and format below quote is exactly what you see in application.

Quote:
NOTE: All foreign citizens will need to document their United States Residency by providing a legible copy of their United States Permanent Resident Card (commonly known as a "Green Card") and Passport to Merrill Edge. Work Visas and Student Visas are considered temporary proof of residency and are not applicable.
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