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“Banks Can Play the Bait and Switch Game”

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Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“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

www.righttracfg.com

www.joepetrowsky.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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Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

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

Aug 25, 2016 08:23 PM
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

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

Aug 25, 2016 09:26 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

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

Aug 25, 2016 10:25 PM
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

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.

Aug 26, 2016 12:03 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

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

Aug 26, 2016 12:50 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

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

Aug 26, 2016 12:53 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

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.

Aug 26, 2016 03:55 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

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

Aug 27, 2016 02:17 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

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.

Aug 30, 2016 01:39 PM