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RE: swiss-list: Buying a house on an H1-B

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From: Zurcher, Michael (click for textversion of email address )
Date: Mon Jun 02 2003 - 08:57:07 PDT

Nico,

First of all, the lenders may or may not be willing to accept you. We had to
shop around to find someone.

If your green card request is rejected, you should still be able to keep the
house, as long as you pay your mortgage. However, the tax consequences may be
less favorable at the time you will sell, b/c you may not benefit form the
tax-free treatment of any gain of up to USD 500,000 (for a married couple) if
you are no longer a US resident for tax purposes.

The seller will surely not accept any limitations, while the lender does not
care as long as you pay. However, I can imagine that if you are close to the
end of the 6 years, the lender may not willing to close until you have the
green card.

Good luck,

Best,

Michael

Michael Zurcher
Admitted in California and Zurich
Palmer & Dodge LLP
111 Huntington Avenue at Prudential Center
Boston, MA 02199-7613
e-mail click for textversion of email address
Direct Tel # (617) 239-0678
Main # (617) 239-0100 Fax # (617) 227-4420

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