MS HB241

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 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 about counseling and assistance options.

Requires mortgagors to be at least 60 days delinquent, have household income at 120% or less of area median income, demonstrate financial hardship beyond their control, and have favorable mortgage credit history for the previous three years to qualify for assistance.

Directs the agency to pay mortgagees the full amount due on mortgages for eligible homeowners, secured by a no-interest, deferred, forgivable second mortgage lien with a three-year term requiring the mortgagor to maintain the property as principal residence.

Creates the Homeowner's Emergency Mortgage Assistance Fund in the State Treasury funded only through specific legislative appropriations and requires all assistance recipients to complete six months of mandatory consumer credit counseling.