§220.811. Date of default.
24 C.F.R. § 220.811
For the purposes of §§ 220.800 et seq., the date of default shall be considered as:
The date of the first uncorrected failure to perform a covenant or obligation under the note or security instrument; or
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.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1713, 1715b, 1715k, and 1735d; 42 U.S.C. 3535(d).
Source
Source: 36 FR 24573, Dec. 22, 1971, unless otherwise noted.