Evaluating Tapes of Non-Performing Notes

[Sandy Uhlmann]

As a note newbie, the entire process of going through non-performing tapes seems a bit overwhelming.  I was wondering if anyone has advice on how they do their preliminary process in order to rule out some of the notes before the real in-depth due diligence starts?  I realize that this may vary depending on if you invest in NP firsts vs NP seconds.   Is there a priority system/ranking system that you like to use?  Which factors do you find most important? What is your favorite notes to buy and why?  

Some of the factors that I can identify off the top of my head include:

-Price of the Note

-Judicial vs Nonjudicial state

-Redemption Period

-Price of loan vs UPB

-Time to foreclosure

-Typical cost of foreclosure in that state

-Hardest Hit funds available?

-BK vs no BK

-Status of first (if you are purchasing NP seconds)

-Equity vs No Equity

-Credit score of borrower

Are there any of the above that you would not consider at all?

Thanks again for any input!