MS SB2848

Establishes a Homeowner's Emergency Mortgage Assistance Loan Program administered by the Mississippi Home Corporation to provide emergency assistance to homeowners facing foreclosure due to financial hardship beyond their control.

Requires mortgagees to provide two notices before foreclosure: a notice of default when delinquency first occurs, and a notice of intention to foreclose at least 90 days before sale, with information on counseling agencies and loss-mitigation options.

Temporarily stays all pending foreclosure actions where sales have not been consummated, allowing mortgagors 30 days to meet with mortgagees or credit counseling agencies and up to 60 days for the agency to determine eligibility.

Restricts assistance to homeowners earning 120% or less of area median income with principal residences in Mississippi, favorable credit history for the prior three years, and reasonable prospect of resuming full mortgage payments after assistance.

Creates the Homeowner's Emergency Mortgage Assistance Fund with $1,000,000 in initial appropriations, provides assistance as a no-interest, deferred, forgivable second mortgage with a three-year term, requires six months of post-assistance counseling, and expires three years from effective date.