The best answer is to be proactive. The bank can and will be starting the process in the near future.
You should def try to re-fi, but it can can be quite difficult right now. Also, make sure that you aren't relying on the re-fi alone. I have seen it drag out for months, keeping in mind that the foreclosure process is moving forward the whole time.
Also note that dealing with an experienced agent helps get the short sale process moving forward effectively.
Once someone receives a auction date, it tends to be too late (unless a large sum of money is obtainable).