the real property he became the principal debtor and could neither become the guarantor nor surety for himself nor indemnify others against loss where he himself was the principal.
 For the purpose of this decision there is no difference between a mortgage and a deed of trust in determining the *48 rights of the parties. Hereafter we will refer to the maker of a note and signer of a deed of trust as a mortgagor, his grantee as the grantee of the mortgagor, and the mortgagee or the beneficiary under a deed of trust as the mortgagee. We will also refer to mortgages and deeds of trust as mortgages.
 The decisions of this state are not entirely uniform in defining the status of the grantee of a mortgagormortgagor can be regarded as the principal debtor of the mortgagee. There is no privity of contract between them. The grantee can relieve himself of all liability for a deficiency by reconveying to his grantor before foreclosure proceedings are instituted. In the old case of Biddel v. Brizzolara, supra, this rule was announced as follows: "The mortgagee being the representative, and standing in the place of the mortgagor, to enforce the rights of the latter against the purchaser, and having no greater or other equity in himself, is entitled only to such remedy as the mortgagor himself had when the bill was filed. 'In other words, being a stranger to the contract of the purchaser with the mortgagor, and to the consideration whereon it was founded, it will