The Federal National Mortgage Association had no right to reject the February payment of $94 since this amount was sufficient to cure the January default of $73.44. Where there is no default, there is no right to institute a foreclosure proceeding. Rosene v. Murphy, 268 Ill. App. 70; Coffing v. Taylor, 16 Ill. 457. Although neither party has directed our attention to the rules promulgated by the Department of Housing and Urban Development under the authority granted in the National Housing Act (12 U.S.C.A. 1701 et seq.) and subsequent amendments, an independent examination establishes a result consistent with our decision on equitable principles. Title 24 C.F.R. 203.31 provides: