Thanks for ruining everything, COVID…
Long-time lurker here, but I'm hoping to get some guidance from you all on where to seek help in navigating my parents' pretty **** financial situation. I'll break down some key facts that I think can be helpful, but in short what I'm hoping to get from this community is pointers on where to go** for help. Who can help *me* help my parents?
Bullet point story:
- My parents can't help themselves (language barriers… poorly educated… not tech-savvy… not… anything-savvy…), and like a lot of poorly English-speaking immigrants who don't come educated backgrounds, their main revenue sources have dried up since the pandemic and they don't know what to do.
- We have two homes both with significant mortgages that need to be paid off. Homes are relatively high value (for us) but we're trying to avoid the scenario in which we have to sell one to pay off both mortgages.
- We have been given grace periods by the banks managing our mortgages, but those are unfortunately going to eventually end, and soon.
- Rental market blows these days, so it's becoming difficult to find tenants to alleviate the impending pressure of the mortgage payments.
- We have a commercial lease for one of my parents' DIY ventures that tanked because of COVID. The landlord is not allowing us to break the lease (I believe there's less than a year remaining on it).
- No other source of investments. Little savings that we wouldn't be able to live off of if we can't find tenants/revenue once the bank's grace period comes up.
Clearly there's a lot of **** to sift through here, but we're open to accepting the reality of selling one of the homes they worked hard to buy (in order to pay everything off… trying to avoid this), but… my main question is: who can even help us figure out if this is the right move? Is there help out there for people looking to manage ***ed up financial situations* (as opposed to those with so much money that they need a financial advisor)? To be honest, I don't even know what a financial advisor does, and it doesn't sound like the right person to help us make decisions like this.
Last point: I'm 22 and don't have the tools to help them myself. I'm sure there's support out there for COVID-19-related hardship, but both my parents and I are the blind leading the blind here.
PS: There's a lot of detail I don't even know. The issue is, I don't even know what questions to ask my parents, so that I could relay to an advisor (or whoever it may be). If this post gets attention from you all and I get some questions, I'll try my best to answer!