(a) No judgment shall be rendered for any deficiency under a

note secured by a first deed of trust or first mortgage for a

dwelling of not more than four units, in any case in which the

trustor or mortgagor sells the dwelling for less than the remaining

amount of the indebtedness due at the time of sale with the written

consent of the holder of the first deed of trust or first mortgage.

Written consent of the holder of the first deed of trust or first

mortgage to that sale shall obligate that holder to accept the sale

proceeds as full payment and to fully discharge the remaining amount

of the indebtedness on the first deed of trust or first mortgage.

(b) If the trustor or mortgagor commits either fraud with respect

to the sale of, or waste with respect to, the real property that

secures the first deed of trust or first mortgage, this section shall

not limit the ability of the holder of the first deed of trust or

first mortgage to seek damages and use existing rights and remedies

against the trustor or mortgagor or any third party for fraud or

waste.

(c) This section shall not apply if the trustor or mortgagor is a

corporation or political subdivision of the state.