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advertisements for the property, or letters from individuals offering to buy the property are acceptable evidence. The payee will be required to sign a written statement attesting to the following: 1. The payee understands that the family has real property the value of which is over the resource limit as defined by agency policy. 2. The family is making a good faith effort to sell this property and will provide evidence of this effort. BONA FIDE EFFORT TO CONVERT INTO CASH - ASSETS OTHER THAN REAL PROPERTY When an individual has an asset other than real property which he states he cannot convert into cash for current maintenance, and the value exceeds the allowable maximum, consider him eligible provided he can prove that 1) he has already made a bona fide effort to convert the asset into cash or 2) he is willing to make such efforts. Valid reasons for inability to convert the asset include: failure to obtain a fair offer; unwillingness of buyers to accept a debt; lack of clear title; and inaccessibility of the property. Ask the individual to supply evidence of his efforts to convert the asset to cash. Acceptable evidence includes: a. Written statements from dealers in the community who are familiar with the type of asset being considered. b. Statements from the company that issued the stock or other asset. c. Newspaper clippings of his advertisement of his asset. d. Letters from individuals offering to buy. e. Statements from a bank or other institution dealing with the asset. DISCLAIMED OWNERSHIP Ownership of property is determined by the legal status as shown by the recorded deed in the case

5501 Volume III | Chapter 5

MISSISSIPPI RESOURCES: CONDITIONS OF DISREGARDING RESOURCES

Revised 05 - 01 - 06 MISSISSIPPI RESOURCES: CONDITIONS OF DISREGARDING RESOURCES

Revised 05 - 01 - 06