What are the consequences of a nonjudicial foreclosure sale initiated pursuant to a deed of trust securing a defaulted promissory note?

This appeal arises from an action by homeowner-borrowers seeking damages allegedly resulting from a pending nonjudicial foreclosure sale initiated pursuant to a deed of trust securing a defaulted promissory note. Plaintiffs' fundamental claim is that the beneficiary asserting rights under the deed of trust wrongly initiated the nonjudicial foreclosure because it is not the "true" beneficiary under the deed of trust. In language we borrow from another case, plaintiffs allege that the beneficiary seeking to foreclose is a "nonholder of the deed of trust" or not in "the chain of ownership" of the deed of trust. (See Glaski v. Bank of America (2013) 218 Cal.App.4th 1079, 1088, 1093-1094 (Glaski).) The context of the case involves a home loan a note and the security for the note, a deed of trust that was "pooled" into a mortgage-backed "securitized investment trust."