I tried to look up the dictionary form of 긴급한, which I would think is 긴급하다 but didn't have much luck finding it. Can someone confirm to me whether it is correct or not? If it is not correct, then how would one say, "It is urgent."
Yes, just like in English, depending on the context 문제 can mean either "problem" as in "math problem" or as in "issue"; I suppose either meaning could work here, but the second one may be more plausible.
"Situation" is probably too rare a translation of 문제 to be included yet (if ever). It's not in the seven my KE dictionary suggests. But otherwise your sentence seems reasonably close. How big a difference is there between a problem and a situation, after all?