Emergency Homeowners Relief Act of 1983

Emergency Homeowners Relief Act of 1983 - Amends the Emergency Housing Act of 1975 to direct the Secretary of Housing and Urban Development to make emergency mortgage relief payments to mortgagees on behalf of certain delinquent mortgagors in a State when the unemployment rate for such State for any month is not less than eight percent. Discontinues such assistance when the unemployment rate in the State has declined to below eight percent on an average monthly basis for three consecutive months.

Sets forth conditions for assistance eligibility which include requirements that: (1) the mortgage is not insured under the National Housing Act; (2) the mortgagor has incurred a substantial reduction in income as a result of circumstances beyond his or her control and he or she is unable to resume full mortgage payments; and (3) the Secretary has determined that assistance is necessary to avoid foreclosure and that the mortgagor will be able to resume making full mortgage payments within 24 months, repay such assistance, and pay the mortgage in full.

Limits assistance payments to the amount needed to supplement the amount the mortgagor is capable of contributing. Directs the Secretary to provide for a quarterly review of the eligibility of a mortgagor receiving assistance and to adjust or discontinue assistance as appropriate.

Declares that all assistance payments shall be secured by a lien on the property involved and repayable over ten years on terms prescribed by the Secretary.

Permits the Secretary to provide such assistance to a mortgagor more than once. Directs the Secretary to: (1) provide homeownership counseling to persons assisted under this Act; and (2) process an application for assistance within 30 days.

Sets forth the authority of the Secretary to recapture assistance provided under this Act.

Requires the Secretary and specified Federal agencies that supervise financial institutions or mortgagees to waive or relax limitations on the operations of such institutions with respect to mortgage delinquencies in order to encourage forebearance in residential loan foreclosures.

Requires the Secretary to report to Congress every 60 days 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 curing and avoiding such defaults.

Sets forth penalties for violations of provisions governing the eligibility for, or use of, assistance under this Act.

Limits the amount of assistance that may be provided during the two years such assistance is authorized under this Act.