Can a lender attach my assets to satisfy a deficiency in a non-recourse state?

I am a lawyer in CT and practice in this area of the law.  

A non-recourse loan does not allow the lender to pursue anything other than collateral. For example, if you default on your non-recourse home loan, the bank can only foreclose on the home. They generally cannot take further legal actions against you. The bank is out of luck even if the sale proceeds do not repay the loan.

Non-recourse loans create the most risk for lenders. Because they can only collect the collateral - and nothing else, they want to see lower loan to value ratios to reduce their risk. These loans may have higher interest rates than recourse loans. You should consult your attorney or tax adviser be certain whether you have a recourse loan or a non-recourse loan.   However, if you have a second mortgage, that lender may go after your assets. 

i suggest looking into a short sale as there is no deficiency judgment that will expose you.