Firstly, thanks for all the feedback guys. Here's my timeline so far:
Sent/mailed:
October 26, 2011
Received:
November 2, 2011
Bank Account debited
January 9, 2012
Rejection:
February 9, 2012
I checked online for my status and it is already "in process", so i am figuring there goes my $1100 application fee. My main concern really is will I be getting my documents back. It took me months and months to gather all those and to start all over again is unthinkable. Also, is there a grace period before I can apply again or i can just re-apply outright?