Hey all! 

I'm preparing my very first direct mail marketing campaign, and I'm at the stage where I'm choosing which marketing lists I want to mail to. I've defined the following criteria so far:

- Farm Area (cities, zips, etc.)

- Property type (single family - detached, sqft., #beds, #baths, year built, etc.)

- Age of property owners

- Ownership (absentee vs. occupied)

- Price 

Now, I'm struggling with % equity ownership. I started this search thinking that the best people to mail to would be those that have some equity in their home (30%+), but then started to second guess myself and began thinking that maybe mailing to those that were underwater (negative percent equity) would be the way to go... 

What are general thoughts on mailing to those homeowners that have a negative percent equity (0% to -50%) on their properties?