To foreclose on December 7, notice would have been sent to you and posted at the clerk's office by November 16. Prior to the notice of trustee sale, however, you would have been sent as well as posted at the clerk's office a notice of default. Normally these are delivered by certified mail to your mailing address of record.
Sales are not conducted inside the county courthouse, but "on the steps" outside. In some locations a covered area is designated for the trustees and sheriff to gather people to conduct their auctions. If not delayed, the auction takes place within the hours shown in the notice, usually a 4-hour window. All sales are cash or equivalent, no promissory notes or mortgages. If no one bids, the bank automatically bids the amount of the balance owing. Typically, the bank wins the auction.
Century 21 Mike Bowman, Inc.