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 - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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