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CONDITIONS OF DISREGARDING RESOURCES An asset which alone or in combination with other assets exceeds the allowable maximum will be considered not available in these instances: 1. The asset has been purchased under a contract which precludes the sale or other disposition of the asset, such as a sales contract which has as one of its conditions a prohibition against the sale of the item purchased until paid for, with interest. 2. The applicant or recipient proves that he is willing to convert the asset into cash, or has tried to do so, but is unable. Property in probate proceedings or divorce litigation is also considered inaccessible. See the discussions below for more information on bona fide efforts to convert real property and assets other than real property. 3. The asset has been lost because of factors beyond the individual s control. The facts must be carefully established to show the date of the loss, the circumstances under which the loss took place and the individuals who corroborate the account. The story must be credible and substantiated. The regional director will review such accounts if needed. 4. As a rule, minors cannot be said to own real property. By statute, a person less than 21 years of age cannot have legal title vested in him, cannot purchase, or cannot encumber real or personal property. Property can be left to a minor as an inheritance, or a child can have a share in real property, but it cannot be disposed of or encumbered without permission of the court. Thus, such property is not actually an available resource to the child and will not be considered as such unless the net value is sufficient to warrant the requirement for the guardian, other parent, or trustee to take legal steps to release the resources for his use. 5. The family who uses excess resources to secure burial sites or funeral agreements for TANF household members will be considered as having secured a reasonable return. BONA FIDE EFFORT TO CONVERT INTO CASH - REAL PROPERTY Otherwise non-excludable real property that a family is making a good faith effort to sell can be exempt. The worker may verify that the property is for sale and that the household has not declined a reasonable offer. The individual should provide evidence of a good faith effort to sell the property prior to approval for assistance. A written statement from a real estate dealer, newspaper clippings or

Volume III | Chapter 5 5500 MISSISSIPPI RESOURCES: CONDITIONS OF DISREGARDING RESOURCES

Revised 05 - 01 - 06