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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 22 - Foreign Relations |
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Chapter II - Agency for International Development |
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Part 241 - Republic of Iraq Loan Guarantees Issued Under the Further Continuing and Security Assistance Appropriations Act of 2017 |
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Subpart D - Contract Rights and Obligations - Multifamily Projects Without a HUD-Insured or HUD-Held Mortgage |
§ 241.840 - Date of default.
Latest version.
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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.