24 CFR 241.840
§ 241.840 Date of default.
United States · 24 CFR — Housing and Urban Development · Status: effective
Cite this
- Citation
- 24 CFR 241.840, § 241.840 Date of default, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/100126
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Full text
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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.