First ‘ROOF’ Agreement Signed

The first Retaining Occupancy on Foreclosure (ROOF) Agreement was recently signed in the city of Detroit.

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The ROOF Agreement was created to help combat the blight problems in Detroit by cutting down on the number of homes left vacant after foreclosure. The program, which was introduced in November of last year, was born under

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the collaboration of the ""Detroit Office of Foreclosure Prevention and Response"":http://www.foreclosuredetroit.org/ and ""Potestivo & Associates, P.C."":http://www.potestivolaw.com/index.php, a legal services provider to the default servicing industry.

The goal of the program is to salvage Detroit neighborhoods and greatly reduce the number of vacant homes by keeping foreclosed homes occupied by either the owner or tenant until the property is sold. Under this agreement, the occupant must pay for all utilities, heat, water, electricity, etc., and a monthly fee is instituted depending on the occupant’s ability to pay.

The property for the first ROOF Agreement has an initial term of three months. If the property has not sold at the end of this term, the occupant can request a month-to-month extension of the agreement.

""We couldn't be happier that we are seeing our first Detroiter benefit from the ROOF Agreement"", said 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.""