Homeowners' Emergency Mortgage Assistance Act - Directs the Secretary of Housing and Urban Development to establish a mortgage emergency assistance program for a mortgage for a one- to four-family residence whose mortgagor is temporarily unable to meet payment obligations due to financial hardship beyond the mortgagor's control.
Prohibits an mortgagee from accelerating the maturity of or commencing any legal action regarding a mortgage (including foreclosure) or taking possession of any mortgagor security: (1) unless the mortgagee meets certain notice and other specified conditions; or (2) if the mortgagor has applied for or is receiving assistance under this Act.
Requires mortgagor repayment of such assistance, plus interest.