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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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