Inactive Reservists Foreclosure Prevention Act of 2007 - Instructs the Secretary of Housing and Urban Development (HUD) to implement a mortgage assistance program through grants and loans for direct mortgage payments for the primary residential property of designated eligible households.
Requires such mortgage assistance to be paid monthly directly to the mortgage servicer during the period that a member of the eligible household is serving on active duty for a period of more than 30 days in the Armed Forces, including extensions in the period of such active duty.
Sets forth requirements governing: (1) grant assistance, repayment, and repayment in cases of foreclosure; and (2) application procedures.