First I don't see investors being underwater and wanting to just walk away.

We all know people who are under water for over 3 years and lender hasn't taken the home.5.

OP could be underwater anywhere from 1-12 months in this scenario.

If you aren't cash flowing well year 1- with proper expenses built in- or worse, you are underwater.. sorry. 

steve, the refi did not require an appraisal last year; it was underwater so there's a government program which doesn't require an appraisal & can still refi. lynn, i have not spoken to my lender about a SS.

My issue has been with the Wholesales who target underwater mortgage holders.

Helix here in San Diego, and have been renting out our properties since.Unfortunately, my girlfriend bought her home at near the top of the market and has just recently gotten right-side-up after many years underwater.

Etc...If the property owner is likely underwater (say you targeted mortgage lates or pre-foreclosures), you'll want a different list of questions that will ask things like:- How many mortgages do you have?

I have added 15 homes to my rental portfolio all of which cash flow like crazy, refinanced all 3 underwater properties via HARP 2 (combined $700/mo interest savings), and the stock market just hit multi year highs.

All the leads were underwater, so I just referred them to a realtor.