220.811—Date of default.
For the purposes of §§ 220.800
et seq., the date of default shall be considered as:
(a)
The date of the first uncorrected failure to perform a covenant or obligation under the note or security instrument; or
(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 became due.