MS HB122

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

Requires mortgagees to provide mortgagors with a notice of default and a notice of intention to foreclose at least 90 days before foreclosure sale, with information about available assistance programs and consumer credit counseling agencies.

Temporarily stays all pending foreclosure actions on covered mortgages until the mortgagor's application for assistance is determined or applicable time periods expire.

Limits assistance eligibility to mortgagors whose household income is 120% or less of area median income, who have suffered financial hardship beyond their control, and who have a favorable mortgage credit history for the previous 3 years (with exceptions for prior hardship-related delinquencies).

Provides approved mortgagors with no-interest, deferred, forgivable second mortgage loans with a three-year term, secured by a lien on the property, and requires mandatory consumer credit counseling for six months after receiving assistance.