Parent's Financial Issue

[Rulli0]

Hello.

My parents own the property used to accomodate guests from Airbnb. Few years ago, they had an idea of upgrading the property to a much better condition by using loan from a bank. Unfortunately, things did not work as expected. The material prices went up which caused the project cost much more expensive than calculated. The worse part was my mother diagnosed with cancer, so we had to focus on her.

Now the bank is trying to seize the property because of the debt. We asked the bank to provide additional loan but they refused the idea. We proposed their home to be taken by bank, but the bank also refused the idea. So it seems the bank only wants that property listed in Airbnb for suspicious reason.

I personally do not want that to happen, because the property has sentimental and historical value for my parents. So I wonder if there is any way that I can save my parents from this catastrophy. At the age of 60s and 70s, they deserve to be happy and not misearble.

Thank you.

[Helen3]

Hello @Rulli0

Sorry to hear of your parents situation, but not sure what you feel hosts on a forum can do to help in the situation. I can't imagine what suspicious reasons you feel there might be for a bank to want the property.

This is how banks operate all over the world. You take out a loan. If you can't pay that will demand payment/take the asset that you have secured the loan against.

As your parents can't take out a further loan, can you not get together with brothers/sisters family and take out a loan for them. Then you can buy the place for them so they are secure in old age. And you and your family have a useful asset.