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I really feel for you. It is really unfair of your parents to put such a burden on you.
From what I've read, I get the feeling your parents have a serious gambling problem and need professional help. Let's see...they have missed several mortgage payments and yet will still gamble away what little they have by going to weekly casino trips?!!! To make matters worst, they come asking you for money/loan? That makes no sense whatsoever.
Even if you gave them the $4k to help them out this time, do they even have the means to keep up with the rest of the mortgage payments? If not, then it might be time to get rid of the house and move on.
If you have the means to AND you feel that you have to help out your parents, then just give them the money and write it off as a loss. Do not 'lend' them the money. That way you won't harbor any ill feelings when they most likely won't be able to pay you back. Having the 'means to' would mean that you can afford to repay the loan on your own. If you don't think you can handle that, then don't take out the loan for them.
Getting them credit counselling, money management, and gambling help would be the best thing you can do for them. Of course, they would have to acknowledge their problems and be willing to accept help.
They have a lot to learn from YOU!
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