StacksVerified U.S. regulatory reference

24 CFR §232.840

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
In computing loan insurance benefits, the date of default shall be considered as:
  1. (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
  2. (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.