§ 232.840. Date of default.
79 words·~1 min read·
/us/cfr/t24/s§ 232.840·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.