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“Bait & Switch Advertising is Illegal”
“Bait & Switch Advertising is Illegal” Mr. Petrowsky, You were highly recommended by a co-worker of mine. He shared with me that you handled their mortgage and couldn’t say enough good things. I recently read an ad that said “You’re approved”. The reason that statement got my attention is that I would love to buy a home instead of paying rent, but my credit is pretty bad. Should I contact them anyway or can you help me? Jason XXXXX Jason sent me a copy of the ad that he saw; sure enough advertising like this is harmful to the public. The specific regulation is known as the “Mortgage Acts & Practice Rule or Regulation N” This regulation prohibits anyone in the mortgage business to mislead the public with advertisements of any kind that make statements like “You’re Approved”. When I sent Jason the regulation, he immediately understood that this advertisement is NOT Kosher. I will work with Jason to get his credit to a place where he will be able to get qualified for a mortgage. It may take him a year but he will get there. At least he was wise enough not to respond to the advertising and sought the ... more
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