Man Sues Bank for Being Stupid Enough to Give Him a Mortgage Even When Experts Were Warning Him It Was About to Fall Into the Ocean
"No rational person... would have considered purchasing the Property, and certainly not at the full asking price." The post Man Sues Bank for Being Stupid Enough to Give Him a Mortgage Even When Experts Were Warning Him It Was About to Fall Into the Ocean appeared first on Futurism .
Massachusetts resident John Bonomi Jr. is embroiled in a legal battle against JP Morgan Chase after purchasing a $5.5 million home situated perilously close to Cape Cod Bay. Five years ago, conservationists had warned Bonomi that the beach in front of his 5,817-square-foot estate was eroding at a rate of six feet per year due to rising sea levels, with his property located just 12 to 14 feet from the receding escarpment in 2021.
The structural integrity of the mansion has since worsened as ocean waves continue to batter the foundation. Bonomi is now seeking to recover his losses by suing the bank, arguing that he was acting under the influence of an "uncontrollable manic psychosis" when he agreed to the terms of the mortgage. Diagnosed with bipolar disorder, the property owner claims that a person in his state of mind would not have considered purchasing the property, especially at its full asking price.
He asserts that bipolar disorder is known to cause irrational risk-taking and impulsive behavior, including reckless spending. Although Bonomi's argument may hold merit, the outcome remains to be seen. While the bank originally sought to dismiss the case, it later denied the allegations and instructed the plaintiff to present his proofs.
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