Unemployed Homeowners' Mortgage Assistance Act

Unemployed Homeowners' Mortgage Assistance Act - Authorizes the Secretary of Housing and Urban Development, acting through the Government National Mortgage Association, to guarantee the payment of the principal and interest on second mortgage loans made to assist homeowners in avoiding foreclosure on their first mortgage loans.

Restricts eligibility for such second mortgage loan guarantees to mortgagors who: (1) have lost income as a result of involuntary unemployment or underemployment due to adverse economic conditions and are, therefore, unable to make full mortgage payments; (2) are in default on mortgages on their principal residence; and (3) maintained good mortgage payment practice prior to becoming unemployed.

Permits the Secretary to make such a guarantee only if: (1) foreclosure would result without such assistance; and (2) there is a reasonable prospect that the mortgagor will be able to resume making full mortgage payments.

Limits the amount of a guaranteed loan to the amount required to cover the payments due for three months preceding, and up to 24 months following, the date of the loan. Requires that the mortgagor make partial payments of up to 15 percent of the payments on the first mortgage during the period of the guaranteed loan.

Conditions any second mortgage loan guarantee on agreement by the lender to: (1) assume the first 25 percent of any loss; and (2) place the loan proceeds in escrow for payments on the first mortgage and interest payments to the lender.

Requires a mortgagor to begin repaying any guaranteed loan not later than the end of 24 months after the date the loan was executed and to pay the loan in full within 12 years.

Directs the Secretary to make a guarantee under this Act upon a lender's certification that: (1) the loan and the mortgagor meet the requirements of this Act; (2) the mortgage is secured by a lien on the mortgagor's principal residence; and (3) the lender has provided credit counseling to the buyer.