§ 241.1235. Cross default.
40 words·~1 min read·
/us/cfr/t24/s§ 241.1235·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the event the borrower commits a default under a prior recorded insured mortgage and the holder thereof initiates a foreclosure proceeding, said default under the prior recorded insured mortgage shall constitute a default under the equity or acquisition loan.