Rochester Hills, Mich.-based Potestivo & Associates PC has announced the signing of the first Retaining Occupancy on Foreclosure (ROOF) agreement, which was introduced in November 2009.
The ROOF agreement was born under the collaboration of Potestivo & Associates and the Detroit Office of Foreclosure Prevention and Response. Under the agreement, an 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.
The property for the first ROOF agreement, located in Detroit, has an initial term of three months, at which point the occupant can request a month-to-month extension.
"We couldn't be happier that we are seeing our first Detroiter benefit from the ROOF agreement," says Brian A. Potestivo, president and founder of Potestivo & Associates. "We knew that ROOF was a step in the right direction with helping individuals during rough times and also helping the City of Detroit."
SOURCE: Potestive & Associates PC