Best way to deal with an Underwater Mortgage

[Ron Kelley]

Hello everyone,

I am new to BP and the world of note investing, I've read loads of postings here on BP (which is just mind blowing the level of knowledge/experience) and have loads more to go which just wets my appetite.

To my question.

When evaluating notes that are underwater do you treat them the same as if it were not underwater, how much of a factor is it and lets say for the sake of argument the status is performing?