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e-CFR data is current as of August 6, 2020

Title 24Subtitle BChapter IISubchapter BPart 241Subpart F → §241.1235


Title 24: Housing and Urban Development
PART 241—SUPPLEMENTARY FINANCING FOR INSURED PROJECT MORTGAGES
Subpart F—Insurance for Equity Loans and Acquisition Loans—Contract Rights and Obligations


§241.1235   Cross default.

In the event the borrower commits a default under a prior recorded insured mortgage and the holder thereof initiates a foreclosure proceeding, said default under the prior recorded insured mortgage shall constitute a default under the equity or acquisition loan.

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