Foreclosure filed on Schaumburg center
CHICAGO - New York Life Insurance filed a foreclosure suit Monday in Cook County Circuit Court over the Woodfield Corporate Center property at 425-475 N. Martingale Rd., Schaumburg.
Woodfield Holdings, a Delaware firm, was named as defendant in the suit, which cited a $70.1 million mortgage taken out in 2007. According to the suit, the foreclosure was filed over failure to pay the first installment of 2009 property taxes. It listed $80.4 million in total debts, including $2.4 million in taxes.
The suit seeks a foreclosure judgment and sale. A representative of the Lincoln Property Co., which manages the office building, said she couldn't comment because she hadn't seen the suit.
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