(...continued)reaffirm the secured debts on the Property.
Closing of the case as a no asset chapter 7 would constitute an abandonment of theProperty as a scheduled but not administered asset,
§ 554(c), and the automatic stay wouldterminate,
Mortgage Electronic Registration Systems, Inc. refers to itself, and is generally referredto by others and in the case law, as “MERS.”
MEMORANDUM OF DECISION - 3The § 341(a) meeting of creditors occurred on July 31, 2008. Debtorsreceived a discharge on October 3, 2008. While the case was noticed to creditorsas a “no asset” chapter 7, and though Trustee concedes there will be no anticipateddistribution to creditors, Trustee has not yet filed his final report of no distributionwhich would allow the case to close.
On October 16, 2008, the subject motion for relief from stay was filed.
Doc. No. 21 (the “Motion”). It was filed by “Mortgage Electronic RegistrationSystems, Inc. as nominee HSBC Bank USA, National Association, as IndentureTrustee of the Fieldstone Mortgage Investment Trust Series 2006-3.”
at 1 (the“Movant”).
The Movant characterized itself as a “secured creditor andClaimant.”
The Motion further alleges that Debtors were indebted at filing “toMovant” and that the debt arose out of a promissory note and a deed of trust datedSeptember 20, 2006 “naming Movant as beneficiary.”
Attached to the Motion is a promissory note (the “Note”) executed byDebtors. It is payable to “Fieldstone Mortgage Company” as the “Lender.”