Legal Question in Real Estate Law in California

Depends on the details of the transaction.

I agree with Mr. McCormick. It is going to depend on how the loan modification is structured. If the original loan was purchase money, but the loan modification involves refinance with a new lender, then the purchase money anti-deficiency protection is lost. But if the original loan was purchase money, and the loan modification only involves modification of the note as to payment terms, then a good argument can be made that the anti-deficiency protection is not lost.