California anti-deficiency laws provide in some cases that on foreclosure the buyer/borrower has no personal liability; only the property is at risk. The law primarily protects residential properties; but in some cases buyers of commercial property can be protected. What follows are five steps to determine how the anti-deficiency laws apply to your commercial or investment property. These are the most common issues that arise. For our purposes, reference to “foreclosure” includes exercise of the power of sale in the deed of trust.