Just received a letter from Wells Fargo Financial Corporation of Canada, Missisauga office

Subject "Wells Fargo Financial Corporation Canda discontinues residential real estate lending

Dear nnnn,

You are a valued Customer of Wells Fargo Financial customer and we thank you for your business.

Please note that effective July 30th, 2009, Wells Fargo Financial Canada exited the residential real estate loan market. therefore, we no longer accept applications for residential real estate loans, We will, however, continue servicing your real estate loan.

These are the only changes occurring at this date on your loan. The other temrs and conditions remain intact; your interest rate will remain the same and you are still required to make monthly payments as indicated in your loan documents.

Please take a moment to determine the maturity date of your loan. You will need to make arrangements with other than through Wells Fargo Financial in the event your loan reaches maturity with us.

Again, thank you for your business. If you have questions, please contact us at 1-800-461-8794.

Sincerely,

Corporate Customer Relations
Wells Fargo Financial Corporation Canada

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To make a long story short, in in 9 months I will be forced to look for someone to refinance my $620k mortgage that is costing me $4200 a month to pay off, and with the market as it is the assessed value is about that amount. Go figure what are my changes.

To add injury to insult, if I try to sell now and pay off the loan from the proceeds of the sale before the loan matures, I have to pay a $24k prepayment penalty.

From the get go I asked the branch manager for assurances that, as long as there is no default situation, the mortgage will be renewed, there will not be a problem. When all the sub-prime crisis started I called the local branch manager again to confirm the renewal promise...again no problem.

Now that manager is no longer with the company, and I get the above letter. I THINK ANY REASONABLE PERSON WOULD AGREE I AM BEING SCREWED BY WELLS FARGO.

MY ADVICE...AVOID THEM LIKE THE PLAGUE.

DUE TO THOSE BASTARDS, I MAY HAVE TO SELL MY HOME, POSSIBLY AT A BIG LOSS IF I CANNOT GET ANOTHER MORTGAGE, AND WORK IN REAL ESTATE FEES AND BASICALLY MY LIFE SAVINGS GO DOWN THE TUBE.

I HAD AN INTUITION I WAS MAKING A DEAL WITH THE DEVIL WHEN I TOOK OUT A HOME OWNER EQUITY LOAN WITH THEM, BUT THEY GAVE SUCH A GOOD STORY THAT IT WOULD ALL WORK OUT. IT COULD HAVE, EXCEPT FOR THIS LATEST DECISION BY WELLS FARGO NOT TO RENEW EXISTING MORTGAGES.

I have seen articles quoting WF Canada that they will continue servicing existing loans...but what was not mentioned is that they would not renew those upon maturity.

SHAME!

I was a Credit Manager for Wells Fargo Financial for almost 2 1/2 years, and I cannot believe I stayed that long. In the time I was there, I had gone through 2 managers, 2 DM's, 2 RM's, and maybe 15 other Credit Managers whom which either were fired, quit, or made-to-quit.

I should have known I was stepping into a bad career when within the first 2 months, I had already seen 3 employees quit, one in which started after I begun working, only to leave about a month later.

My first manager was dishonest about everything from money to be made, job satisfaction, and even to the customers. He told me I would be making $60k a year, loving life, enjoying a fun work place. After the fact, my starting salary was $30k, and my bonuses couldn't ever be more than $2500, and that was if you ended up closing 4 or more mortgages, which we all know, in that place, is nearly impossible to do on a consistent basis. Some people did it, but just found out they were fired for manipulation of data and forging signatures!

I was working far more than the 40 hours I was told I would work, and never got paid overtime. I confronted my manager after 2 months and asked about overtime in front of the other employees (they had told me we won't ever be paid OT), and he pulled me in the booth (I'm sure we've all been in there at some point), and screamed at for bringing up that subject with everyone around. And it never got resolved.

A few months later, he was fired because so many employees had resigned and complained about him, only to be replaced by someone with a bigger ego that him.

At first, we all were excited to have someone fresh to the office who would give us some good direction. However, he belittled everyone who was working there, not only in front of the whole office, but outside of work too. We would get harassed for not going out to drink with him after work or the weekends (he just got a DUI a few months ago). My best friend just got laid off there by him, right as he was leaving for vacation. Taking PTO was like pulling teeth. I felt like I could never take a vacation because it was too nerve-racking to hear what his response would be.

Onto the products and loans. I have never seen so many high-rate credit cards in my life, with annual fees on top of that!!! We were made to sell so many of them, all to people with enough credit card debt to force them into bankruptcy. I felt sick everyday because I would have to sell people things I knew wouldn't benefit them. Granted, some loans were the only thing they would have left, but come on, 4 points on every mortgage sold to customers. And auto loans that would leave these people stuck in their cars they thought they could get rid of. And the rates on the mortgages were outrageous! I would never refi my house will Wells, even if it were the last place I could go.

Now that I have a new job, in a completely different field, I have been so much happier, and everyone can tell. I hope whoever works at Wells never has the experience I had, and the majority of the other people who are still working there too.

Please read the outline below of how my mother was defrauded by this Wells Fargo Financial center!

Written by my mother:

I received a call from Jonathon Mancuso of Wells Fargo Financial around November 10th, 2008 to see if I would be interested in their services as I was constantly running at maximum limit with my Wells Fargo MasterCard. I told him I had been considering doing a consolidation loan and would possibly be interested, in either a consolidation loan or a second mortgage. We discussed what I had paid for my house on 2/07 which was $265K and that I had put down $125K at the closing and even with the real estate market decrease, I should still have equity in the house. He sent me an email on 11/10/08 requesting a recent pay stub, 2007 W-2, 1st page of 2007 tax returns, Home Declaration page on the homeowners insurance policy and my automobile insurance card. In the email I wrote on 11/11/08, I asked him what Wells Fargo division he worked for and he responded back in an email that he worked for the consumer lending division.

In one of the emails he requested my mortgage statement and the homeowners insurance policy (front page), my drivers license and the exact mileage on my vehicle. He said he needed the mileage so he could pull the value of it and list the value as an asset.

In between these emails, we had numerous phone calls and discussions. He informed me he was going to review all the documents and then make an appointment for me to come in on Saturday. I was taking the week of Thanksgiving off so we scheduled an appointment for the Saturday before Thanksgiving. That morning I woke up in excruciating pain and had my daughter call and cancel the appointment. I ended up spending that afternoon and much of the evening in the emergency room. The week of Thanksgiving and the week following that, I was in and out of doctors offices, emergency rooms, testing facilities, etc. I also had to call and cancel the rescheduled appointment with Mr. Mancuso on 11/29/08 due to my health issues. There were some phone calls between us during these weeks and we stayed in touch, but I wasn’t able to make it to their Wells Fargo office. I kept Mr. Mancuso abreast of the situations and my health condition, as I felt bad for cancelling the appointments after he had done research for me. On Saturday 12/6/08 I called to cancel that days appointment as I was not in good shape that day. My daughter and future son-in-law were taking me to the pharmacy when I received a call on my cell phone from Mr. Mancuso’s manager his name was Tony Sasso. He told me that his office was being fined $100 everyday for not closing out this loan and leaving it open and that he had only came in that day because I had a scheduled appointment. I told him about my health condition with two herniated discs and also a bulging disc, and what I had been going through the last few weeks and the heavy medications that I was on at this time. I told him I felt bad, but when I first started conversing with Jonathon Mancuso, I was not sick and had no idea about my illness until I woke up the Saturday before Thanksgiving. I made Tony well aware of my current condition as well as I kept Jonathon informed of everything the past two weeks. Tony then said to me that he would close out the loan today if I didn’t come in and that I was putting their office in a bad spot as they had kept this open for long enough, and were getting in trouble with their corporate office. I was in the car already and had my daughter drive me to their office so they could see that I was in bad shape but still interested in doing business with them. I didn’t know if I would lose the opportunity to do a second mortgage or consolidation loan if I didn’t show up.

My daughter and her fiancé stayed in the car and waited for me. I had told my daughter that I would not sign anything today but this way they could see what bad shape I was in and I would be able to see what they had to offer. When I went in, I was brought to a back office by Mr. Mancuso for him to explain what he had come up with to help me out. Basically, they were giving me a consolidation loan, but using my car as collateral, for a much smaller amount then what we discussed of $20K for a second mortgage. I didn’t fully understand what they were doing with the loan as this was something that we never had previously discussed. I was in the office for almost two hours. My daughter kept calling me on my cell phone to see if I wanted her to come in and I kept telling her no. It was taking so long that at one point, I sent my daughter next door to Wal-Mart so she could pick up something, to give me more time. She left and returned and I was still inside. During this time inside the office I had a nerve pain attack (from my herniated discs) and could not get me prescription pain pill bottle open (Oxycodone) Mr. Mancuso opened my prescription pain pill bottle so I could take a pill. At one point a few minutes later I then had a sweat/heat attack. I never should of went into their office in the shape I was in and they never should of let me sign any documents of any type. The paperwork was confusing even if I hadn’t been on serious medications. I received a folder with tons of warranty paperwork in it. There was a $916 warranty for the vehicle. When I questioned Mr. Mancuso about the warranty, if it was for the length of the five year loan, he said yes it was. This was a blatant lie, the next day I found out it was for only 12 months. There were also several checks in the folder. One check was made out to Sears for $3363.00, one check was made out to me for $1807.00 and there was a home security warranty check that really wasn’t for a home warranty, it had been cancelled, and the check ended up being made out to me for $509.00. I left their office that day with the above mentioned three checks, a folder full of mostly warranty paperwork. There were some papers, that I had signed that the copies were given to me, but the copies given to me didn’t contain my signatures, these were the copies of the paperwork before I had signed them. Tony and Jonathon said they would send me copies of the actual signed documents that I was supposed to get, but they were having problems with their copier/printer, that they would send by mail because of this. I never received them by mail. Also, my car loan with Chase Automotive was only 5.69% or 5.89%, why would I agree to a 17.99% with Wells Fargo if I had been in the right frame of mind and the right physical condition? When I left their office that day, Tony walked me out to my car and also got the exact mileage from the car.

The next day was Sunday the 7th. I was much less medicated that morning then I was the day before, when I started reading through some of the documents. I had a family member read through the documents as well and they were mortified. I called their office first thing in the morning on Monday the 8th. Since the office was closed on Sundays to speak with Mr. Mancuso and told him I was cancelling any and all contracts that I signed. He never once said to me that I couldn’t cancel. I told him I would be at his office before 6:00 PM that night to speak to them and cancel this contract. When I arrived at their office that night Tony Sasso brought me to his back office, along with my fiancé. My fiancé was very upset and asked him how they let me sign any documents in the condition I was in? I told Tony that I was here to cancel any and all documents that I had signed and he told me I couldn’t do that, he stated that only real estate transactions could be cancelled in three days. I told him I knew better then that, and I had three business days to cancel a contractual agreement. He continued on to say that he didn’t understand why I was so upset. I told him that mainly that the interest rate and the $916 warranty and because they had really pressured me into signing the initial contract when I wasn’t in any shape to do so. I told Tony when the whole thing started, and throughout all the conversations and emails over the past weeks, Mr. Mancuso and I discussed a consolidation loan and second mortgage for my debt solution, never once did we discuss a car loan. Tony said no problem he would take care of this and do one big loan, with one payment and take care of all my debt. I asked him why didn’t they just do this from the start? I never once got a real reason why they didn’t just do this from the start. But he said he would do one big loan, take care of all the debt and there wouldn’t be a $916 warranty on it, that I was upset about. He told me I needed to get him my last two W-2 forms and a few other things, and that he would be in touch with me in the next day or so. I did not hear from him on Tuesday the 9th but was pretty busy at work. I started to get nervous Wednesday afternoon when I hadn’t heard from him. At this time I tried to get him to put something in writing, on email, for what he was doing for me including not charging me for a $916 12 month warranty. After getting the run around, I knew I had to protect myself and that’s when I sent a fax stating that I cancelled the any and all contracts signed with Wells Fargo. I also waited until I got a fax confirmation receipt so that I could have proof that I cancelled this. If they didn’t receive the fax why wasn’t he calling me to do the big consolidation loan?

Events with District Manager of Wells Fargo Office:

I called three different Wells Fargo Financial offices, before I had found someone that would at least send an email to the District Manager to call me. This rep sent an email to the DM and then called me back a few hours later to let me know that she was off but had emailed her back to say that she would be calling me Tuesday the 19th, the next day.

Michelle the DM did call me on 2/19/09 and she said she was briefed by the rep of my situation. I only got to tell her part of the story but she seemed very receptive about helping me. She told me she needed to check into a few things, make a few phone calls and she would call me back the next day Wednesday. I informed her that I had a later afternoon surgical procedure so please try to call me before 4:00 PM. I didn’t hear from her on Wednesday nor did I hear from her the following day Thursday. I started to get nervous once again and Thursday afternoon I called a local office to send her an email asking her to call me. Thursday night, after 6:00 PM, she left a message on my cell phone voice mail stating that she was waiting on one more call back to resolve this issue but she had it and I quote “ 99% resolved” and she would call me back on Friday.

That Friday a little after 3:00 PM Michelle did call me. She was very ’hurried’ on the phone and told me that she had figured out the best and easiest way to resolve this issue. She told me that she had cancelled the original checks that I had in my possession from Well Fargo. But then she proceeded to tell me she re-issued new checks to replace them. One of the original checks had been made out to Sears for $3363 and the replacement check (for this one) had been made out to Wells Fargo/Nancy Mish and that all I would have to do is sign this check and send it in to Wells Fargo Auto. She then told me the two other checks for $1807 and $509 were re-issued to Nancy Mish so I would have to deposit them into my checking account and write Wells Fargo Auto a check for those two amounts. She told me there was nothing she could do about the $916 12 month warranty as the warranty company already cashed the check. She said I would have to call that company and cancel the warranty and they could reimburse me for the dollar amount of the warranty that hadn’t been used and then I would have to pay that amount to Wells Fargo Auto. I objected and said it should cost her guys that, they put this loan through not me as I had cancelled this loan. We went back an fourth and she said this is the easiest way to pay off this loan and that I needed to pick up those new checks from the Port Richey Wells Fargo office (the one I had originally dealt with) and get those payments to Wells Fargo Auto. I asked her if Wells Fargo Auto knew the transactions of this week and what she was doing. She said that she had not spoken to anyone at Wells Fargo Auto and that I needed to call in the payment before they repossessed my car. I told her I was not going to make a payment on a loan that I had cancelled as that would make me responsible for that loan. I asked her to send via fax or email, a statement as to what the balance would be. She refused! So I asked her if that office could do so and she said no that I would just have to figure it out myself. She said that I would owe for the warranty, doc stamps, some title fee, interest on the account but she absolutely refused to put it in writing, the amount I would end up owing I asked her to give me five minutes to run out to the car to grab my folder so she could go over everything with me and she said she was in a hurry and had to pick up her child. She also said she was going to give me a good piece of advice that I really needed to call Wells Fargo Auto and make a payment before they repo my car.

Please Note: I only know the D.M. as Michelle No one would give me her last name or phone number including her.


Nancy M.

While trying to make affordable arrangements with the company's representatives, explaining lack of employment and vastly reduced income prior to major job loss, the representatives start telling the consumer that 'you are electing to not make any payments' and 'ignoring the bill totally' all while still trying to explain the personal hardship of having to work part-time jobs with just over minimum waged income for one, and the other job being of commission based income (in the sad world of automobile repair) to which he replies, 'Then you are making way more money than I am so you need to set up a over-the phone payment right now'. When I said to him that I am tired of him making assumptions and telling me how my life is, I demanded another rep to talk to. Then an 'upper' representative gets on and she talks big tough that 'if you think the first representative was giving you a hard time, I will push your account to the next step by verifying your employment, which we have many ways and websites to do this with and we will set up a garnish on your income unless you make arrangements to make payments right now' (good guy/bad guy routine). I explained that the payments I can only afford at the present employment/income would be 'X' amount, to which the upper rep says, 'That is totally laughable!', and hangs up!!! A nice way to be condescended, belittled and embarrassed because of situations that are in no ones control. You try to work with a financial instution and you get treated less than a third world individual. Does it ever pay to be up-front and honest? Not with these miserable individuals named Ni** and Je******. Perhaps their income is a commissioned and incentives driven one by means and ways of whom they can scare and make people submit to payments that they can not at this particular time afford. No matter how much you try to explain to have them understand, they are only there to put you in a dead-beat position and make you feel totally shamed because of it. I did offer to trade places with the first rep so he could see how it felt to be in a very comprimised position and that I would call him and harass him like he was doing to me, and I am sure countless other people suffering job problems, however I guess his stuttering and subject change to get another representative and put me on hold to tell his version of the phone conversation to the female toughy was his way of saying no. As anti-Christian as this comment may be, perhaps what goes aroung comes around and they too, may walk the path some day.

For the past few days, my workplace has been receiving phone calls that hang up when you answer--about 5-10 a day. I finally got so fed up with it that I star-sixty-nined the number--1-877-274-5890. 'Andy' answered at Wells Fargo Financial. I told him we'd been getting these hang up phone calls from this number; he asked the number and my name. When I told him who I was, he said, 'We're not looking for you.' and hung up on me!!

I called back and spoke to Andy again. I said 'You just hung up on me.' He said, 'No, we're not looking for you.' I said 'That's fine, but I need to speak to your supervisor.' This guy literally laughed at me and said 'Absolutely not.'

I was stunned, and he started to try to hang up again and I literally yelled into the phone 'No no no! This is a business, and I don't know WHO you're looking for, but this is a business phone number and you are harassing us. If you continue to do this, I will call the police. GOOD BYE!' Then I hung up on HIM.

It is incredible to me that a business with as big a name as Wells Fargo doesn't care about the kind of reputation jerks like Andy give them. I certainly won't EVER do business with this company. And I'm not even who they were looking for!