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 - The David Brown Rose Badge - by Samuel Kennedy. In the 13th century civil war was raging in England. Two English noblemen were involved in a conflict which became known as the War of the Roses. The Duke of York had as his emblem a white rose and the Earl of Lancaster had a red rose. Today the white rose is the official emblem of the county of Yorkshire and the red rose has been adopted by the neighboring county of Lancashire.
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