BofA 60 Day Sell/Refinance Ban

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I was just talking with a guy that bought a BofA REO all cash. He knew about the 60 day ban on reselling and was okay with that, it takes at least that long to rehab. His plan was to refinance immediately so he could leverage his cash and buy another rehab. Right after closing he was told not only could he not resell within 60 days but he could also not refinance during that period. Has anybody else had this experience? The no refinance within 60 days was a surprise to me.