Good luck to you.
But, a new Federal rule starting in mid June of 2012 states that if the loan is backed by "Fannie Mae or Freddie Mac you can expect a response within 30 business days, with a final decision taking no more than 60 days"
Check out the Los Angeles Times in the article collections "New federal rules could speed up short-sale process".
A Refi should be able to be completed within 30 to 60 days if you get all the information to the mortgage company and you qualifiy.
Generally I advise a minimum of 90 days but realistically can be upwards of six months. I've seen some equity purchases with patience.
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