Zapf’s loan default: Source documents (updated w/comment)
If you haven’t already, read what we reported at SDCityBeat.com today about Lorie Zapf. The San Diego City Council candidate, who is campaigning on fiscal responsibility, is more than six months behind in payments on a loan that could result in foreclosure on her house.
In late March, Wells Fargo filed a “Notice of Default” with the San Diego County Recorder stating that Zapf and her husband, Eric, owe more than $7,000 on a $230,000 line of credit. If the Zapfs don’t pay it off by the end of June, Wells Fargo can sell their home.
UPDATE: One of Zapf’s Republican opponents, Kim Tran, emailed us this statement:
I am sorry to hear she is having financial problems. However, defaulting on a note to obtain better interest terms seems extreme. Sounds like she has been engaging in the same behavior as the city, i.e. spending more [than] she has.
Below are photographs of the source document, for you wonky types. Just click to enlarge.