Foreclosure or Bust?!?!

In a foreclosure proceeding if the current investor(s, who are loan holders,
do not have the \"Assignment\", which should have been received or
transfered from the previous loan holder, should the foreclosure be able to
go forward or will the current investors\' representative need to obtain the
\"Assignment\". Also, if the \"Assignment\" was not transfered at all what
steps would the investors\' representative need to take to obtain that
document? Would this be grounds to draw up a new loan or rewrite the
existing loan?

They need some kind of document to show their ownership of the loan now or they have no rights to proceed. They cannot proceed without some kind of proof.