Thomas v. Federal Nat’l Mortg. Ass’n (In re Thomas), 469 B.R. 915, 923 (B.A.P. 10th Cir. 2012) (Thurman, Nugent, Romero)

Order confirming that stay had expired pursuant to § 362(c)(3) and (j) is reversed and remanded for bankruptcy court to determine whether Federal National Mortgage Association had standing to seek order that no stay was in effect under § 362(j); bankruptcy court did not examine or accept into evidence note endorsed in blank from which Fannie Mae’s “‘colorable claim’” could be determined. “Appellee must prove that it has a ‘colorable claim’ to an ownership interest in the Property or, in other words, ‘a facially valid security interest,’ in order to establish its standing to seek a § 362(j) comfort order. Proof of the existence of a colorable claim in this case necessarily requires Appellee to prove that it has a ‘facially valid security interest’ under Oklahoma law.”

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