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Updated almost 4 years ago,
Denied refinancing after forbearance
I recently applied for a cash out refinance with Aimloan for an investment property currently serviced by Aimloan. Back in May 2020 I requested a forbearance due to financial hardship associated with lost rents. I restarted payments in September and after 4 consecutive months of on time payments I requested a refinance. We got to the last mile of the refinance process and was notified that because I took a forbearance I was not eligible and that I need to have 12 monthly payments in order to qualify. Considering that my loan is backed by Freddie Mac and if covered on the federal guidelines which state, 3 months of on time payments I found it contradicting to federal guidelines. Is Aimloan violating federal guidelines by denying my loan based on me accepting a forbearance? I like to hear your feedback. Thanks