Emergency Homeowners Relief Act of 1983

[AI summary unavailable — showing source text] Emergency Homeowners' Relief Act of 1983 - Requires the Secretary of Housing and Urban Development to make emergency mortgage relief advances to mortgagees on behalf of certain delinquent mortgagors when, for three consecutive months, the amount of delinquent loans exceeds a specified percentage of the amount of all loans accounted for in the mortgage delinquency series maintained by the Federal Home Loan Bank Board. Directs the Secretary to provide such assistance in a State located in a Federal home loan bank district for which such mortgage delinquency rate exists, regardless of whether such rate exists for the entire nation. Provides for the discontinuation and reinstitution of such assistance on the basis of such delinquency rate. Lists conditions for assistance eligibility which include requirements that: (1) foreclosure would result without such assistance; (2) the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to adverse economic conditions and is unable to make full mortgage payments; (3) there is a reasonable prospect that the mortgagor will be able to resume making full mortgage payments; and (4) th…