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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 38 Chapter 5 Assets

5.5.24 INSURANCE SETTLEMENTS Treated as lump-sum payments, or compensation for loss or damage. 5.5.25 JAPANESE-AMERICAN AND ALEUTIAN RESTITUTION PAYMENTS The payments are excluded by federal law.

5.5.26 LAND SALE CONTRACT WV WORKS, AFDC-Related and SSI Medicaid Groups: The property is considered to belong to the buyer or purchaser as long as a legal contract is in effect but has no equity value until the terms of the contract are fulfilled. See Section 5.5.39 below for the Homestead exclusion when the buyer lives on the property. When an individual holds a land sale contract as a creditor, the outstanding balance of principal payments is an asset unless there is a legal bar to the sale of the contract. Property sold with a land sale contract is not considered to belong to the seller as long as a legal contract is in effect. SNAP WVW, AFDC-Related SSI Groups No No No SNAP WVW, AFDC-Related SSI Groups No Yes* Yes* NOTE: If the buyer defaults on the contract, the property is considered to belong to the seller again. The buyer only has equity value in the property after the terms of the contract are fulfilled. See Chapter 4 and Section 5.3.6