Get Property Reserve Worksheet

This guide provides clear and detailed instructions on how to fill out the Property Reserve Worksheet online. By following the steps outlined below, users can efficiently complete the form with confidence.

Follow the steps to complete your Property Reserve Worksheet online.

1. Press the ‘Get Form’ button to access the Property Reserve Worksheet and open it in the editor.
2. Begin by entering your name, case number, and the relevant month in the designated fields at the top of the worksheet.
3. Section I focuses on nonexempt other real property (ORP). Determine the market value and any encumbrances of the ORP and list them in the designated areas. Ensure that if the ORP is jointly owned with individuals not in the Modified Family Budget Unit (MFBU), you only list your proportionate share.
4. For the market value, refer to Section 50412 and input the amount in line 1. For encumbrances, refer to Section 50413 and input the details in line 2.
5. Calculate the net market value by subtracting line 2 (encumbrances) from line 1 (market value) and write the result in line 3.
6. Next, determine the value of any life estates as per Section 50442 and input that amount in line 4.
7. Record the net market value of notes, mortgages, or deeds of trust that come from the sale of real property owned by members of the MFBU in line 5.
8. Add lines 3, 4, and 5 together for the total net ORP and place that total in Column I, line C1.
9. Move to Section II where you will assess the property reserve. Start with the excess value of ORP, entering the amounts from Column I, lines C1 and C5 into lines 1a and 1b respectively, and calculate line 1c.
10. Complete the remaining lines in Section II, including listing any nonexempt assets such as liquid assets, burial plots, and any other countable properties per the worksheet's guidelines.
11. At the end of the form, review all entries for accuracy. Once verified, you can save changes, download, print, or share the completed form as needed.

Complete your Property Reserve Worksheet online today to streamline your documentation process.