Dear Roberto,
Theoretically, the inclusion of dummy sequence (stings of Ns of the same length as the alignment) should not affect the likelihood search and it is the way to go. I have tried this on a dataset of 10 genes for 11 species. 5 genes were sequenced for all species, but there were some missing information for the remaining genes (sometimes more than one species were missing for a given gene). The problem I see with the inclusion of dummy sequences is that if there are too many, it might alter the mixing of the chain and convergence between runs. This will be more likely if your data doesn't contain much information (sequence variation). In my case, to make sure it didn't affect the results, I made several analyses including (i) only species for which I had all genes sequenced and (ii) including x (x=1,2,3,...) species with missing data. With my data, the inclusion of dummy sequences never affected the topology of the species tree. However, I guess this could well depend of the data at hand. Therefore, if you want to make sure that the inclusion of dummy sequences doesn't affect the results, you could test it the way I did.
Hope it helps,
Simon