WELLS FARGO BANK, N.A. v. LARRY M. RICHARDS

The parties to this appeal of a foreclosure judgment attended mediation prior :to trial. The homeowners left mediation believing they reached a very, very favorable settlement agreement with the bank, that would permanently modify their loan. When the bank did not honor the terms of that perceived agreement, the homeowners moved to enforce the settlement, which the trial court granted. Because oral modification of a credit agreement is precluded by both the statute óf frauds and the Banking Statute of Frauds, we reverse.

At the hearing on. the motion to enforce, the homeowners conceded no…