Sounds simple, but fact is it won't happen because the assignments have to be in order and when the instrument has changed hands several times without the assignments, getting an affiant with true and accurate knowledge of each exchange would be nearly impossible. Someone will to have to lie to fill in the information gaps. If I were challenged by an affidavit from someone swearing of an incident of more than a year past, I'd ask to depose them and disprove their affidavit b/c there's absolutely no way they remember one particular note's assignment on one particular day amid hundreds of other assignments.
"....but eventually the documents will be located or accounted for and the foreclosure process will restart."
Don't be so sure. If the assignment banks produce in court can be proven fraudulent, they LOSE their rights to enforce. (§ 3-203(b))
Well that is the trick. The company that last physically owned the note/title and failed to foward it to the buyer, and the buyer who never received the note/title fowarded the MBS and hoping to eventually get the note/title are the ones on the hook to account for it. The state forms that they must fill requires a rep/lawyer to sign a sworn statement on what had happened to the lost docs. It means the lawyer or statement giver is liable for making false statements if they chose to lie and risk their careers/licenses. Most mortgage experts feel the docs can be located or accounted for. Despite the dizzy pace of the MERS system, its electronic transactions can be retraced, unless someone in the MERS erases all the digital records (that would be a disaster for the banks involved). It means the banks must hire someone to take his time and diligence to retrace the transactions and attempt to locate the documents.