§ 220.811. Date of default.
74 words·~1 min read·
/us/cfr/t24/s§ 220.811·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purposes of §§ 220.800 et seq., the date of default shall be considered as:
(a)The date of the first 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 became due.