Firm partners with foreclosure office to introduce ROOF agreement

Potestivo & Associates PC is pleased to announce the successful introduction of the ROOF Agreement to several large servicers and lenders at a summit held on November 11. The summit was also attended and supported by the Mayor of the City of Detroit, Dave Bing. The ROOF Agreement (Retaining Occupancy on Foreclosure) was born under the collaboration of Potestivo & Associates and the DOOFPR (Detroit Office of Foreclosure Prevention and Response). The goal of the agreement is to salvage Detroit neighborhoods and greatly reduce the number of vacant homes by keeping foreclosed homes occupied by either the owner or tenant. The ultimate goal is to put an end to the dropping value of Detroit homes and neighborhoods due to vacant and deteriorating properties. Mayor Dave Bing attended the summit to speak of his support of the Agreement and all efforts to improve the challenges facing the City of Detroit's housing crisis. "We feel strongly that the ROOF Agreement will be very positive for the Detroit housing market and community", says Brian A. Potestivo, president and founder of Potestivo & Associates PC, "and its our hope it will be introduced in cities all over the country. " The ROOF Agreement allows a property to be occupied for a 3 month term after foreclosure takes place. The occupant must pay for all utilities, heat, water, electricity, etc., and a monthly fee will be instituted depending on the occupant's ability to pay. At the end of 3 months, and if the property is not sold, options to renew would be available. Published: Fri, Dec 4, 2009

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