24 C.F.R. § 232.840 Date of default.
Title 24 - Housing and Urban Development
In computing loan insurance benefits, the date of default shall be considered as: (a) The date of the lender's acceleration of the debt because of the borrower's 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 become due.
Title 24: Housing and Urban Development
PART 232—MORTGAGE INSURANCE FOR NURSING HOMES, INTERMEDIATE CARE FACILITIES, BOARD AND CARE HOMES, AND ASSISTED LIVING FACILITIES
Subpart D—Contract Rights and Obligations
Rights and Duties of Lender Under the Contract of Insurance
§ 232.840 Date of default.
