24 C.F.R. § 220.811 Date of default.
Title 24 - Housing and Urban Development
For the purposes of §§220.800 et seq., the date of default shall be considered as: (a) The date of the first uncorrected failure to perform a covenant or obligation under the note or security instrument; or (b) The date of the first failure to make a monthly payment which subsequent payments by the borrower are insufficient to cover when applied to the overdue monthly payments in the order in which they became due.
Title 24: Housing and Urban Development
PART 220—MORTGAGE INSURANCE AND INSURED IMPROVEMENT LOANS FOR URBAN RENEWAL AND CONCENTRATED DEVELOPMENT AREAS
Subpart D—Contract Rights and Obligations—Projects
Insured Project Improvement Loans
§ 220.811 Date of default.
