Legal Question in Real Estate Law in California

Re: Mortgage under my name but not the title

RTFC. Best guess, you won't be liable for a "deficiency judgment," but your credit report will suffer.

Another LawGuru answer in a series, Why Nobody Should Ever, Ever Co-sign.

Re: Mortgage under my name but not the title

I disagree with the previous answers. The antideficiency rules (such as Code of Civil Procedure section 580d) only apply to the primary borrower. A surety (which is probably what you are, as opposed to being a co-borrower or co-trustor) is not protected from liability for a deficiency, and the lender can sue you personally if the property is foreclosed, either judicially or by trustee sale.

(A "deficiency" is the amount by which the foreclosure sale proceeds fail to cover the foreclosing lender's lien plus the costs of sale).

If the deficiency is great enough, and the creditor senses that you have assets, it is very likely to sue to recover on your guarantee.

Re: Mortgage under my name but not the title

You signed for responsibility on a loan. If it was a refi, yes, you can and will be sued for the deficiency after a foreclosure sale, and you'll have to counter sue the 'friend' you helped. You're going to need legal help. Feel free to contact me if serious about getting it, if the case is in SoCAL.