Can someone legally back out of a multi-million-dollar mortgage by claiming they weren’t mentally capable of making the decision?
That’s exactly what one retired New York lawyer is asking a federal court to decide.
John G. Bonomi Jr. is suing JPMorgan Chase after buying a $5.5 million waterfront mansion on Cape Cod that was already at risk of falling into the ocean. The home has since been demolished, but Bonomi says he shouldn’t have to keep paying the nearly $3.9 million mortgage because he was experiencing a manic episode caused by Bipolar I Disorder when he purchased it.
A Luxury Home With a Very Expensive Problem
The five-bedroom, seven-bathroom home in Wellfleet, Massachusetts sat on a rapidly eroding bluff overlooking Cape Cod Bay. Experts estimated the cliff was disappearing by several feet every year…