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 - Women and Tractors, A Woman's Touch - by Teri Burkholder. I thought I would give you a little background on how I got myself hooked on tractors and their restoration. My family is a very "crafty" bunch of people. By crafty I mean good with crafts!! My Dad is a retired industrial engineer from Bucyrus Erie which made big shovels for excavating and he is also a wonderful wood worker. My mom and my "guardian angel" has had her own ceramic shop for 30 years and is an excellent painter. With these skills always active in our house it was hard not t
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