Having lived here for many years, we have a lot of equity in our place, but that may or may not buy any sympathy from the bank. I suspect NOT.
I would think that they would be quicker to foreclose if you have a lot of equity.
In the few years my folks have owned their house in FL, similar houses hve gone up A LOT...think 75%. Thye have no incentive to sell now, however, since if they buy again in FL, all they owuld get is a doubling of prop taxes.