California has three separate statutory provisions that prohibit a lender from obtaining a deficiency judgment after foreclosure. These provision are found at Cal. Civ. Proc. § 580b, Cal. Civ. Proc. § 580d in conjunction with Cal. Civ. Proc. § 726(a), and after July 15th, 2011, Cal. Civ. Proc. § 580e. A deficiency is simply the loss that a lender sustains after the property is foreclosed. The deficiency is measured by the difference between what is owed on the loan and what the bank collected from selling the property after foreclosure. A deficiency judgment after foreclosure may result in a wage garnishment, bank account levy, and a judgment lien against other property owned by the borrower. Because of the seriousness of a deficiency judgment sound legal advice should be sought out whenever foreclosure appears imminent.