Definition of default, date of default, and requirement of notice of default to HUD.
(a) Default. If the mortgagor fails to make any payment or to perform any other obligation under the mortgage, and such failure continues for a period of 30 days, the mortgage shall be considered in default for the purposes of this subpart.
(b) Date of default. For the purposes of this subpart, the date of default shall be considered as 30 days after:
(1) The first uncorrected failure to perform any obligation under the mortgage; or
(2) The first failure to make a monthly payment that subsequent payments by the mortgagor are insufficient to cover when applied to the overdue monthly payments in the order in which they became due.
(c) Notice of default. Once each month, on a day prescribed by HUD, the mortgagee shall report to HUD all mortgages that were in default on the last day of the month, or that were reported as in default the previous month. The report shall be made in a manner prescribed by HUD.
(d) Number of days in month. For the purposes of this section, each month shall be considered to have 30 days.
[71 FR 16234, Mar. 31, 2006]
Title 24 published on 2012-04-01
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