1. Regulations
  2. title 24
  3. chapter II
  4. part 241
  5. subpart D
  6. subjgrp 207
  7. § 241.860

View all text of Subjgrp 207 [§ 241.830 - § 241.893]

§ 241.860 - Commissioner's right to require acceleration.

Upon receipt of notice of the failure of the borrower to comply with any covenant or obligation under the security instrument or note, or under the conventional note and mortgage, the Commissioner may require the lender to accelerate payment of the outstanding principal balance due.

AUTHORITY: 12 U.S.C. 1715b, 1715z-6, and 1735d; 42 U.S.C. 3535(d).

SOURCE: 36 FR 24653, Dec. 22, 1971, unless otherwise noted.

CITE AS: 24 CFR 241.860