Bank of America sues Neumann Homes

Posted in the Minooka Forum

Nice

Buffalo Grove, IL

#1 Nov 6, 2008
Bank of America filed a foreclosure suit in circuit court Tuesday against Neumann Homes seeking to collect more than $36 million.

The suit seeks to foreclose the mortgages on numerous lots in Prairie Ridge Subdivision, unit 2, located on the east side of Ridge Road, south of the extension of Brannick Road, Minooka.

The complaint charged that on Feb. 1, 2001, Bank of America entered into an agreement to loan Neumann $40 million, but the amount due could not exceed $25 million at any given time.

On Oct. 29, 2004, the bank issued a note to Neumann for $5 million, which was restated two years later for $5 million.

In addition, Bank of America issued six letters of credit, of which five were used totaling $1,545,203.

There is currently $32,035,169 due on the principal and $2,400,077 interest through Nov. 3. There is $1,545,203 due on the letters of credit plus interest of $61,995.80 for a total of $36,042,445.

Interest is accumulating at the rate of $5,735 per day.

According to the suit, on Nov. 8, 2007, Neumann filed for bankruptcy in U.S. Bankruptcy Court for the Northern District of Illinois.

On Sept. 30, 2008, the court lifted a stay, which allowed Bank of America to explore its remedies.

Other defendants named because they have an interest in the property included Legacy Vulcan Corp., Mid-American Water of Joliet, Northwind Concrete Products of Evanston, Concrete Specialists of Elgin and Lockwood Furnace of Joliet.

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