---
kind: "section"
citation: "24 C.F.R. § 241.840"
title: "24"
number: "241.840"
heading: "Date of default."
url: "https://uscodex.org/cfr/24/241.840"
---

# §241.840. Date of default.


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.
- (c) The date of the lender's acceleration of the debt because of the borrower's default under the first conventional note and mortgage.

## Notes

### Source

Source: 45 FR 57987, Aug. 29, 1980, unless otherwise noted.

### Authority

Authority: 12 U.S.C. 1715b, 1715z-6, and 1735d; 42 U.S.C. 3535(d).

### Source

Source: 36 FR 24653, Dec. 22, 1971, unless otherwise noted.