“Banks Can Play the Bait and Switch Game”

“Banks Can Play the Bait and Switch Game”



When I ran the numbers, the debt ratio did not work and I let her know. That is when she told me that the current bank said it didn’t matter because they owned the current loan. I hate to see business walk out the door but I let her know I couldn’t get her mortgage done.


Things changed when she actually did the mortgage application at the bank and that is when she sent me the email below:



I have been thinking about this and I want to wait until my raise takes effect in September and do the mortgage with you, as I really just do not trust XXXXXXX Bank.  If you recall, they told me that my debt ratio didn’t matter because they have the current mortgage, but now they can't give me straight answers about numbers, so before they charge me fees I told them I’m going somewhere else.  It does not sit well with me and I know that you will take good care of me. 


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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 9 commentsJoe Petrowsky • August 10 2016 11:55AM


Good morning, Joe Petrowsky  the bottom line always surfaces at some critical point.... honesty is the best method....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 2 years ago

I wish they would be straight forward and just close the deal.

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 2 years ago

Good morning Joe. Sometimes you need a second opinion! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) over 2 years ago

I agree with Barbara.... it is always better to just tell the truth. It is just too hard to keep up with all the mis-statements.

Posted by Sussie Sutton, UTR TEXAS Realtors - Rep for buyers and sellers. (UTR Texas Realtors) over 2 years ago

Good morning Joe. You have a very wise client and I'm glad you understood what was happening.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 2 years ago

Even when your advice isn't what they want to hear, those who seek it know you know your stuff! 

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) over 2 years ago

Joe the other bait and switch that I am seeing is Lenders claiming they can approve and close in some very short time periods.  Once they have the loan it then is extension after extension.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 2 years ago

Joe funny you should post this, I said this to one of Diane's friends she is trying to do a Refi and it is a Big Bank vs a Credit Union.... need I say more...Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) over 2 years ago

Those type of blanket statements generally do not have complete truth in them. I know you will take good care of her and tell her like it is.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) over 2 years ago