Tolosa v. HSBC Bank USA, N.A.
United States District Court for the Southern District of Texas
2011 WL 13244704 (2011)
- Written by Tammy Boggs, JD
Facts
Borrowers (plaintiffs) obtained a $276,000 loan from HSBC Bank USA, N.A. (the bank) (defendant) to purchase real property in Texas. The loan was evidenced by a promissory note and secured by a deed of trust. The borrowers defaulted, and the bank foreclosed on the property. Thereafter, the borrowers sued the bank, seeking to delay post-foreclosure eviction proceedings. The borrowers alleged a claim for promissory estoppel, among other claims, based on the bank’s alleged promise not to foreclose during a loan-modification process. The bank filed a motion to dismiss the case, arguing that the borrowers’ action was barred by the statute of frauds.
Rule of Law
Issue
Holding and Reasoning (Atlas, J.)
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