MS HB131

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

Requires mortgagees to provide two written notices (notice of default and notice of intention to foreclose at least 90 days before sale) and mandates a 30-day period for mortgagors to meet with lenders or credit counseling agencies before foreclosure can proceed.

Temporarily stays all pending foreclosure actions where sales have not been consummated until eligibility is determined or applicable time periods expire.

Establishes eligibility requirements including household income at or below 120% of area median income, 60+ days delinquency, favorable credit history for prior three years, and permanent Mississippi residency facing hardship beyond their control.

Provides that approved mortgagors receive no-interest, deferred, forgivable second mortgage loans with three-year terms, funded from the newly created Homeowner's Emergency Mortgage Assistance Fund, with mandatory consumer credit counseling required for six months following assistance.