The current sluggish housing market and rising interest rates have caused a big problem for many Bridgewater homeowners, and this problem will be made worse if this override passes. A large number of Bridgewater residents either purchased or refinanced their homes with adjustable-rate mortgages in the last several years. The interest rates on these loans step up after the 2-, 3-, 5-year initial fixed-rate period. Many homeowners expected to be able to refinance at the end of the fixed term, only to find that, in some cases, lenders aren’t willing to finance them to the extent necessary to take out their old mortgage loans. As such, they are subject to the new, stepped-up rates, which often increase monthly payments dramatically. Bridgewater is currently in the top 35% of towns with foreclosures in the entire state, and has one of the highest rates in Plymouth County. According to recent numbers, it’s only getting worse:
In towns/cities with 50 or more foreclosures from February 1, 2005 through January 31, 2006, the following 5 had the biggest increases: Marshfield (121%), Lawrence (116%), Bridgewater (89%), Wareham (80%) and Peabody (79%)
Over the past 180 days alone, 37 of our neighbors have been forced from their homes. Let’s not make the problem worse for those already facing strained family finances. Vote No on June 16th.