Even after you've defaulted? (It's pretty obvious I never had a $200 million loan, isn't it?)
Yep even if you've defaulted. When you default, the lein holder has every right to recoup it's money, but no more. They can't take your stuff and sell it cheap to spite you. If you can sell it for a higher price and take the difference that's your perogative.
Works the same way with small loans too. Default on your mortgage, and the mortgage holder can sell the house and make itself whole, but if there's money left over, it goes to the original homeowner.