Very unlikely, almost unheard of. The asset which secures the home loan is in fact, just the home. Since there is a mortgage, the owner must keep insurance on the home. If the lender does not require flood insurance, the the FEMA flood policy is the last resort for financial support(BTW, the flood insurance for FEMA is now BK, and we haven't started Harvey claims yet). If the owner walks away, the only security the lender has is the underlying asset. Private property, not related to the home is protected from asset seizure in almost all cases.
During the recession of 07-08, there were plenty of people who were upside down on their mortgage, and plenty of them just mailed the keys to the lender and sent a letter; "I disclaim any rights of ownership in 1000 Cherry ln, Anytown, ST." This is a reverse foreclosure and there is no recourse for the bank/lender except to accept the asset for which the loan was written.
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Today's Featured Article - Madison's County - by Anthony West. Philip Madison has been a good friend of mine for quite some time. He has patiently suffered my incessant chit chat on the subject of tractors for longer than I care to remember, and on many occasions he has put himself out, dropped what ever it was he was doing, to come and lend a hand cranking handles, or loading a find onto a trailer. Although he himself has never actually owned or restored a tractor, he was always enthusiastic and always around helping with other peoples projects.
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