If you are making lots of money but are very deficient in other aspects the car can run off into a ditch.I have known people before that had lots of money and were absolutely miserable.

Whereas California has laws protecting homeowners against banks pursuing deficiency balances, I did a quick google search and found out that Florida doesn't have the same protection.

I do see that it could be a negotiating tool since it is a third party pointing out deficiencies rather than yourself.

A Mortgagee may seek a deficiency post foreclosure, which is the difference between the balance due and either the proceeds from foreclosure sale or REO sale but not all states allow deficiencies nor do all deficiencies get pursued by a Mortgagee.

My understanding is that the bank receives 85% to 90% of the deficiency from the fdic regardless of wether it was sold at auction or as an REO.

That way, all of your interests in the house will be foreclosed if you don't pay the mortgage and the house will hopefully sell for enough to cover anything owed to the bank so that deficiency judgment liability won't be an issue for the friend that signed the note (that's when there is a foreclosure but the amount the bank gets from the foreclosure sale isn't enough to pay off all of the money owed, so they go after the person on the note personally.

They will then slow down the process in order to incentivize the landlord to non-suit the case in exchange for the keys and an order of no deficiency. 

Also depending on the state if there is no equity they could always go back after the owner with a deficiency judgement.

I would also ensure the Mortgage and Note provide you with the option to pursue deficiency judgement against any borrower who defaults.  

Bank is not always aware of the same deficiencies you are.