MS HB70

Establishes the Homeowner's Emergency Mortgage Assistance Program administered by the Mississippi Home Corporation to provide emergency loans to eligible Mississippi residents facing mortgage foreclosure.

Requires mortgagees to provide notice of default and notice of intention to foreclose at least 90 days before foreclosure sale, and temporarily stays all pending foreclosure actions until eligibility determination is made or applicable time periods expire.

Sets eligibility requirements including household income at or below 120% of area median income, 60+ days delinquency, favorable mortgage credit history for prior 3 years, and documented financial hardship beyond mortgagor's control.

Authorizes the agency to pay mortgagees the full amount due under mortgages, secured by a second mortgage lien on the property, structured as a no-interest, deferred, forgivable loan with a three-year term requiring mandatory consumer credit counseling.

Creates the Homeowner's Emergency Mortgage Assistance Fund in the State Treasury and requires the agency to publish announcements when funds become insufficient to approve applications or continue payments.