24 CFR 203.467 - Definition of default, date of default, and requirement of notice of default to HUD.

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§ 203.467 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 borrower 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 on a form 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 2014-04-01

The following are only the Rules published in the Federal Register after the published date of Title 24.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-08-26; vol. 79 # 165 - Tuesday, August 26, 2014
    1. 79 FR 50835 - Federal Housing Administration (FHA): Handling Prepayments: Eliminating Post-Payment Interest Charges
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing-Federal Housing Commissioner
      Final rule.
      Effective Date: January 21, 2015.
      24 CFR Part 203

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United States Code

Title 24 published on 2014-04-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR 203 after this date.

  • 2014-08-26; vol. 79 # 165 - Tuesday, August 26, 2014
    1. 79 FR 50835 - Federal Housing Administration (FHA): Handling Prepayments: Eliminating Post-Payment Interest Charges
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing-Federal Housing Commissioner
      Final rule.
      Effective Date: January 21, 2015.
      24 CFR Part 203