<blockquote>
Once the homeowner gets a Notice of Default (pre-foreclosure phase),
at what point does the bank send the Notice of Trustee Sale after the
Notice of Default?
A minimum of 21 days, but it is rarely less than 30 days and usually closer to 60 days. I think.
</blockquote>
It's a minimum of <b>90</b> days. (and this is not legal or financial advice, YMMV)
The 21 day minimum is the time from NTS to Sale Date. And you are correct, that's getting stretched out to a typical 30 or 60 days. Then followed by a high probablity of postponement.
Step 1 stop making payments.
Step 2 the bank nags you
Step 3 you continue not making payments
Step 4 the bank officially tells you to pay (Notice of Default)
With steps 1-4, practically, it's a few to several months before getting to step 4.
Step 5 is you fail bring the loan current. You have 90 days, minimum. It's common seeing this stage stretched out 6, 12 or 18 months today. You can sell, short sell, try a loan mod, or many things to delay.
Step 6 The bank finally gives you the NTS and sets a Sales date a minimum 21 days out. Most likley 30 days and often 60 days.
Step 7 you can still bring the loan current, sell the house, put a short sale notice in front of the bank, file bankruptcy, call a lawyer to fight, or just make up a good story about the unfortunate events in your life and how you now have it back together or do a loan work out to get another delay.
Step 8 you still fail to correct, you don't BK, and the loan mods, short sells and knifecathers don't come through. Nor does the lawyer because, well because, ironically, you're one of the many doesn't have a technicality on their loan docs.
Step 9 Sale dates finally comes, it's likley several postponements after the orginal date, I'd guess at least 3 if not more, if you tried at all to convince the bank you were actually trying. You do nothing.
Step 10 the Auction at the Courthouse. 2/3rds of the homes go back to the bank. You squat comfortably in your home waiting for the bank. If the an investor with a clue bought it (somewhat less than 1/3rd being bought), expect a knock in a couple hours.
Step 11 knock knock, lucky you it's several weeks later and the bank finally got a broker assigned to come by and start kicking you out and take a look at the place. As he eyes the pergranteel visible from the door and the socket wrench in your hands, he decides a cash for keys approach may be the best approach.
Step 12 you work out a deal
Step 13 you pack up and move out at the appointed date.
Of course, the fast track path looks like the following:
Step 1 you miss the payment
Step 2 the bank gives you the NOD
Step 3 90 days later you get the NTS setting the sales date
Step 4 21 days later your house is sold
Step 5 the sheriff shows up with the new owner that afternoon and makes you drag your stuff out of the house that is no longer yours.
Which way it goes largely depends on what the debtor does, who has the loan and whom buys it.
