If the net from the sale is more than the mortgage balance, the seller gets the excess.

& the excess volume of water/waste can & will back up with a lot of hydrostatic pressure via the easiest route.... your basement.

Portfolio lenders rarely require the use of a property manager or keeping excess reserves in the bank outside of a possible tax and insurance escrow.

Normal wear and tear is covered by the lease, however excessive damage is not.

Not sure exactly how this is handled in a Subject To, when you refi under your name b/c the old mortgage and if there is an escrow account, it's possible that any excess funds at payoff may be refunded to the original mortgagee and not you!

Let sit for a little while then sponge away the excess and peel off.

Or in the near future you sell the property for more than $120,000 to pay the mortgage and also profit any excess of $120,000.

Many lenders, including myself are not going to even try to distinguish between residential homestead and residential investment property - we are just going to stick with commercial property where the borrower can't later move in and have his attorney claim we made a non conforming consumer loan.Casualty of excessive Government interference in the market.

You can then sue in small claims for damages in excess of security deposit.

I had to cover all my losses out of pocket by working a 2nd job - bc the investment threw off no excess cash flow to cover losses.