Hey Reddit,
First time poster and in need of desperate advice.
[Background]
I [29M] am a first generation American and am the oldest of three kids in my family. My parents immigrated from a third world country to America before I was born. I was born and raised here. I have done pretty well for myself (Bachelors Degree) and work at a pretty well known company. I currently own my own home and pursuing the "American Dream".
Growing up my dad put a lot of pressure on us to be successful and make a lot of money. My siblings were never the best at school but always wanted to make my parents proud. Because of this, they often lied to them to make them happy. We have an interesting family dynamic. Its like a 'don't ask don't tell' relationship and everyone wants to pretend everything is OK when its not.
Since I was a kid my parents have owned a 'Ma and Pa' shop. My parents are getting a lot older [60-65] and I can tell they are looking to retire. They used to make a decent living in the 90's and early 00's but the economy wasn't the greatest for them. Business has been down. I have never dealt with their finances but I knew they weren't the best with managing their money. They had 40-50k in savings and have been dipping into it to pay their Mortgage.
My parents have never been good with finances and are very 'old school' when it comes to that. I just learned that my little sister [26] has been handling their mortgage payments and savings accounts and to be honest, I don't understand why they didn't ask me to handle it for them. I am pretty good with my money and have an excellent credit score. I imagine its because they wanted me to live my own life and my sister is closer to them.
My sister has her own issues and has always been proud and stubborn. She never wants anyone to know about her problems. I usually have to dig to find out what's going on in her personal life. She also has a tendency to run away from her problems. She went to school, but ended up dropping out and not telling my parents. My dad has always pushed her to be a 'pharmacist' but she just couldn't take it. She has been trying to get her act together (she is one of those people that will never ask for help) and re-enlisted into a community college and is trying to become a UX/UI designer. Keep in mind she was doing this on her own.
She moved back home in September and has been handling their mortgage payments. She just came clean to me today that she used their savings to pay off tuition she owed so she could finish her courses. I'm also pretty sure she used their money on personal bills, but that's neither here or there. She ended up not paying their mortgage and not telling my parents. My dad has been short every month due to business and asked her to pay with his personal savings. My parents had no idea this was going on and she deliberately hid the mail from them. She is currently out of town and I can't even talk to her in person about this.
My other sibling is currently unemployed and lives with me...
[Problem]
I just found the foreclosure letters and have until the first week of March to pay off the balance. Parents have very little money left. My plan is to call the mortgage company and see if we can work out a deal. I don't know what leverage i have since there has been multiple notices. The letters say that we need to come up with the overdue 6 month mortgage or the house will be foreclosed.
My parents have asked me to lend them money to take care of this, but am reluctant to do so since that will dip into my emergency fund/daily cashflow and I have no guarantee this will not happen again in 6 months. My dad says he can pay me back in two weeks but I am VERY skeptical. What are my options?
TLDR: Just found out parent's house is foreclosing beginning of March. Parents put my sister in charge of finances; spent their life savings on 'student loans'. Have less than 2 weeks to come up with money. Advice wanted on next steps!
Submitted February 19, 2017 at 12:53AM by 123456qertypoiupaj http://ift.tt/2lj0d1u
