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Zapf campaign says there will be no foreclosure

June 25, 2010 - 4:19 pm

The 90-day period has elapsed since Wells Fargo filed a “notice of default” against San Diego City Council candidate Lorie Zapf’s home in Clairemont. So, what happened? Did they pay their bills or is Wells Fargo going to foreclose?

We posed that question to the Zapf campaign. Here’s  spokesman Matt Donnellan’s e-mailed response:

The terms of the Zapf family’s home loan are confidential. And, as we’ve said before, there will be no foreclosure proceedings.

My records show that they didn’t say such a thing before. Rather, back in May they claimed that it was all situation normal and totally not fucked up, that this was just part of refinancing:

Lorie’s husband, Eric, is a realtor and in the process of negotiating an interest rate reduction for the second loan on their property from an adjustable to a lower 30-year fixed rate. Until negotiations are completed and a new interest rate in place, the bank holds rights to file, and often does file, what is called a notice of default with the county recorder’s office. Within 90 days from the date of filing a borrower has the right to bring the note current, which will be done in this case. The notice of default is then removed and a notice filed with the county recorder’s office.

Virtually every mortgage expert we contacted said it was highly unusual. You’ll note that Donnellan did not say whether the note was brought current. As of Wednesday, there was nothing on file with San Diego Assessor-Recorder’s office to indicate that the notice of default had been removed.

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