--- title: "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" description: "A Massachusetts man is trying to claw his money back after being approved for a mortgage on a rapidly eroding escarpment." date: "2026-08-07" modified: "2026-08-07" authors: - name: "Joe Wilkins" job_title: "Correspondent" link: "https://futurism.com/authors/jwilkins" url: "https://futurism.com/science-energy/jpmorgan-chase-lawsuit-sues-sand-erosion-mortgage" categories: - "Brain" - "Environment" - "Global Warming" - "Health & Medicine" - "Mental Health" - "Science & Energy" --- # 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 ![A photo of a man looking shocked at a computer while holding a credit card.]() *Shutterstock / Futurism* A Massachusetts man is feeling some buyer's remorse after securing a $5.5 million mortgage on a mansion poised to fall into the Cape Cod Bay. The man, John Bonomi Jr, first [made headlines]() five years ago when he purchased the sprawling 5,817-square-foot estate against warnings from area conservationists, who advised that the beach was eroding at a rate of six feet per year as [rising sea levels]() take their toll. Bonomi's house, meanwhile, sat just 12 to 14 feet away from the rapidly-disappearing escarpment — and that was 2021. Fast forward half a decade, and the situation — not to mention the mansion's foundation — has only deteriorated as the continual lashing of ocean waves takes its toll. According [to the *Boston Globe*](), Bonomi is now trying to recoup his costs by filing suit against JP Morgan Chase, the bank that originally serviced his ill-fated mortgage. As for his legal strategy, the property owner is essentially pleading insanity, saying that he was "acting under an uncontrollable manic psychosis at the time" he agreed to the terms of the mortgage. It's a fascinating argument, especially because Bonomi has been diagnosed with bipolar disorder. "No rational person... would have considered purchasing the Property, and certainly not at the full asking price," the suit argues. "It is a recognized diagnostic fact that a symptom of bipolar disorder is irrational risk-taking and impulsive behavior, including reckless spending." While Bonomi may have a point — it's astonishing that JP Morgan Chase gave him the green light, mental health episode or not — it remains to be seen whether the courts agree. According to the *Globe*, the bank originally lobbied to get the case dismissed. It answered Bonomi's filings in May, however, saying that, "to the extent a response is required, Chase denies the allegations contained therein and leaves Plaintiff to his proofs." **More on housing:** *[Family Horrified When They're Forced to Sell Their Beloved Home to Make Way for AI Data Centers]()* ## Author At Futurism, I focus on the intersection of technology and power — examining the economics, history, and politics behind today’s dystopian headlines. As a writer, I’m interested in topics ranging from AI’s impact on labor to startups nobody asked for. My prior work includes bylines in Jacobin, Verso, and Blue Labyrinths. My work for Futurism has been cited by publications including Forbes, The Guardian, MIT Technology Review, Time, The Nation, Mother Jones, The Verge, and Wired. I grew up in Michigan, attending Central Michigan University as well as Ball State University, where I earned a master of music. I now live in Brooklyn with my girlfriend and our cat Ziti. On weekends, you can find me hunched over a cold pint arguing geopolitics with the other transplants. ### Author social links [Bluesky]()