You may want to consult with an attorney for legal advice. However, California is a one-action state. Generally speaking, it means that if they pursue a foreclosure via trustee sale, only one form of action for recovery of the debt. I suggest that you look into a short sale if you are worried about that, because we have SB458 in California. If lender accepts a short sale (1st, 2nd loans too), they cannot pursue borrower for any deficiency. Feel free to contact me any time if you're interested. Thanks.
Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Dre License #01712757