My question involves real estate located in the State of: michigan
i bought an investment property with my friend/business partner to fix up and sell in 2005.
my business parter paid the down payment and was to perform much of the work and act as general contacter. He is skilled in carpentry and design.
my father put the financing in his name as neither myself or busness partner had income at the time.
my business partner never performed the work and started working on a more lucrative project.
i used my personal funds and credit cards to complete the renovations.
the bottom fell out of the real estate market and the house couldnt be sold.
i would estimate the house is 150k underwater at this point.
at one point i was able to refinance my father off the loan and removed him from title.
the loan is in my name and the title is in my name only.
i consider this home my primary residence. basically i'm stuck here under a mountain of debt. i make timely payments and over all like the house.
i have also given most of my friends money back. he feels i still owe him 7k. i disagree.
he says he is going to sue me and my father.
i want to know if this is possible and also if there is any action i should take to protect myself and my father.
there has never been any contracts or any legal documentation of our plan to remodel and sell the house.