This is a very good article about finding a note holder for a real estate
loan: Where's the note, who's the holder: Enforcement of the promissory
note secured by real estate. It was written by Hon. Samuel Bufford out
of the Central District of California. The article has some good information
Often, the servicing agent for the loan will appear to enforce the note.
Assume that the servicing agent states that it is the authorized agent
of the note holder, which is "Trust Number 99." The servicing
agent is certainly a party in interest, since a party in interest in a
bankruptcy court is a very broad term or concept. See, e.g., Greer v.
O'Dell, 305 F.3d 1297, 1302-03 (11th Cir. 2002). However, the servicing
agent may not have standing: "Federal Courts have only the power
authorized by Article III of the Constitutions and the statutes enacted
by Congress pursuant thereto. ... [A] plaintiff must have Constitutional
standing in order for a federal court to have jurisdiction." In re
Foreclosure Cases, 521 F.Supp. 3d 650, 653 (S.D. Ohio, 2007) (citations omitted).
Also, some very good information on MERS:
For those of you who are not familiar with the entity known as MERS, a
frequent participant in these foreclosure proceedings:
MERS is the "Mortgage Electronic Registration System, Inc. "MERS
is a mortgage banking 'utility' that registers mortgage loans
in a book entry system so that ... real estate loans can be bought, sold
and securitized, just like Wall Street's book entry utility for stocks
and bonds is the Depository Trust and Clearinghouse." Bastian, "Foreclosure
Forms", State. Bar of Texas 17th Annual Advanced Real Estate Drafting
Course, March 9-10, 2007, Dallas, Texas. MERS is enormous. It originates
thousands of loans daily and is the mortgagee of record for at least 40
million mortgages and other security documents. Id.
MERS acts as agent for the owner of the note. Its authority to act should
be shown by an agency agreement. Of course, if the owner is unknown, MERS
cannot show that it is an authorized agent of the owner.