Homeowners Emergency Relief Act of 1982

Homeowners' Emergency Relief Act of 1982 - Amends the Emergency Housing Act of 1975 to direct the Secretary of Housing and Urban Development to make emergency mortgage relief payments for certain mortgagors when, for three consecutive months, the amount of delinquent mortgage loans exceeds a specified percentage of the amount of all mortgage loans accounted for in the mortgage delinquency series maintained by the Federal Home Loan Bank Board. Directs the Board to submit delinquency information to the Secretary and Congress monthly. Provides for the discontinuation and resumption of such assistance program depending on such delinquency rate condition.

Lists conditions for assistance eligibility which include requirements that: (1) the mortgage is not federally insured under title II of the National Housing Act; (2) the mortgagor has suffered a substantial reduction in income as a result of circumstances beyond the mortgagor's control which render the mortgagor unable to make full mortgage payments; and (3) the Secretary has determined that assistance is necessary to avoid foreclosure and that it is likely that the mortgagor will be able to resume full mortgage payments within 24 months, commence repaying such assistance at a designated time, and pay the mortgage in full by its maturity date.

Limits: (1) the amount of mortgage assistance payments to an amount necessary to supplement the amount the mortgagor is capable of contributing; and (2) the length of such payments to 12 months plus any period of default, with a 12-month extension authorized. Directs the Secretary to establish procedures for the periodic review of the mortgagor's financial circumstances to determine whether such payments should be terminated or adjusted.

Declares that all assistance payments shall be secured by a lien on the property and repayable on terms prescribed by the Secretary. Sets forth the authority of the Secretary to recapture such assistance.

States that a previously assisted mortgagor shall be eligible for renewed assistance only if such mortgagor has made full mortgage payments for at least 12 months after the previous assistance was terminated.

Limits the aggregate amount of assistance the Secretary is authorized to provide over the duration of assistance contracts. Prohibits the Secretary from entering such contracts after September 30, 1983.

Requires the Secretary and specified agencies to waive or relax limitations pertaining to the operations of certain mortgagees and financial institutions with respect to mortgage delinquencies in order to encourage forebearance in residential mortgage loan foreclosure.

Requires the Secretary to report to Congress every 60 days prior to October 1, 1983, on: (1) the rate of delinquencies and foreclosures in various housing markets; (2) the prospects of voluntary forebearance by mortgagees in such areas; (3) Government actions to encourage such forebearance and to provide assistance under this title; and (4) the default status of mortgages on multifamily properties with recommendations on remedying and avoiding such defaults.

Directs the Secretary to study, and report to Congress on, the use of alternative mortgage delinquency series under this title.