On his first day in office, President Joe Biden signed multiple executive orders, including a bill to extend an eviction and foreclosure moratorium on federally backed mortgages. Following the executive order, the U.S. Department of Agriculture announced they would extend the moratorium for USDA Single Family Housing Direct and Guaranteed Loans through March 31. The U.S Department of Housing and Urban Development also announced that they extended the moratorium through March 31.

The Mortgage Bankers Association reported that an estimated 2.8 million homeowners are taking part in forbearance plans or an estimated 5.37% of all mortgage borrowers.

If you don’t qualify for federal relief, you may want to consider refinancing. Credible is your go-to resource for all refinancing needs. Just plug some information into Credible’s free online tools to view rates and lender options available to you.

https://www.foxbusiness.com/money/biden-foreclosure-moratoriums-what-to-do-mortgage-help