CA SB931

Prohibits deficiency judgments on first deeds of trust or first mortgages for dwellings of not more than 4 units when the property sells for less than the remaining indebtedness with the written consent of the first lien holder.

Requires the first lien holder who consents to such a sale to accept the sale proceeds as full payment and fully discharge the remaining indebtedness.

Preserves the first lien holder's right to seek damages and pursue remedies against the trustor, mortgagor, or third parties for fraud or waste of the property.

Does not apply if the trustor or mortgagor is a corporation or political subdivision of the state.