Trouble paying home loan?


If you are buying a home and struggling to make payments copy/paste this information into Word and print it out. It may just save your life!

Colin Wright's home in 1967

Colin Wright’s home in 1967

As we all know, the banks will rip us off any way they can. So, if you have missed payments and you start getting nasty threatening letters from them DO NOT respond. Instead, do this:

1. Go to this website:
This is the Credit Ombudsman Service Limited website.
2. Go to the Complaints menu and read how to make a complaint.
3. Submit a complaint.

As soon as you do this, all activity from the bank must stop. Your loan payments will be suspended, and you will be helped to overcome your problems.

If the bank asks you to visit them before you go to COSL, DO NOT sign a document they may give you called the HARDSHIP FORM! By signing one you are signing away all your rights and they can take your home and throw you and your family out on the street without any way for you to fight them.

A note of caution. COSL is a private ombudsman service. There are also government funded ombudsman services, so explore all avenues before committing yourself to any course of action.


When you signed the mortgage forms, did your mortgage broker fill in the form for you? If so, you are not liable for the loan! The bank is.

So if they start giving you trouble, go to the bank and ask to see the mocrofiche of the loan documents. As soon as you do that you can be almost 100% certain the bank will change their tune, because they will know that you want to confirm who filled out the forms. They are bound by law to give you a copy of the microfiche, so don’t let them try and stop you getting them.

Of course, this is not legal advice, but it does come from a highly qualified source in the real estate industry. But I suggest you contact a real estate lawyer immediately you start having problems and get them to advise you.

One more point on Home Foreclosures….DO NOT EVEN CONSIDER filing for bankruptcy. There are other avenues to get you out of financial difficulties. If you need help, contact COSL for home loan problems, or go to your State Ombudsman for other financial difficulties.

And if all else fails email me at and I’ll do what I can to help you.


Mike Holt

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