December 1st, 2009 – Potestivo & Associates, P.C. launches successful introduction of ROOF Agreement, with the support of Mayor Dave Bing, at a summit held on November 11th, 2009
Rochester Hills, Mich. December 1st, 2009 - Potestivo & Associates, P.C., an award-winning legal services provider to the default servicing industry, is pleased to announce the successful introduction of the ROOF Agreement to several large servicers and lenders at a summit held last month.
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, P.C., “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.
For more information about Potestivo & Associates legal services or the ROOF Agreement, please contact:
Angela S. Veda
248.853.4400 x1102
aveda@potestivolaw.com
About Potestivo & Associates, P.C.:
For almost twenty years, Potestivo & Associates, P.C. has provided award-winning legal services to the mortgage banking and default servicing industries. Headquartered in Rochester Hills, Michigan, the firm also maintains full-service operations in Grand Rapids, Michigan and Chicago, Illinois. Potestivo & Associates is an AV®-rated firm supported by over 100 team members and handles all aspects of default servicing including foreclosures, bankruptcies, landlord and tenant, title resolution, loss mitigation and home retention, REO disposition, and litigation.
Contact:
Michaelene Grauf, Director of Client Relations
Potestivo & Associates
p: (248) 853-4400 x1117
http://www.potestivolaw.com
# # #