Times are very different from where they were a year or two ago.
Also, the banks typically postpone trustee sales when the owner is in the middle of attempting a loan modification. In fact there is a new law in CA that prohibits banks from "double tracking". Which is the practice of pursuing both a loan mod and a trustee sale at the same time. So if they decide to listen to your loan mod request they must suspend the foreclosure process. Note that I said "suspend" and not stop. If a loan mod fails the foreclosure process picks up at exactly however many days into it that it was initially.
In the last 12 months there has been a very radical shift in the bank's attitudes towards foreclosures. In truth they never really wanted all the foreclosures but now they are doing everything possible to avoid them. Banks are strongly promoting alternate options such as loan mods and short sales. And we are seeing that truth play out right now in the severe shortage of homes for sale. In the Bay Area the foreclosure market is now only about 15% of the listings and dwindling every day. The days of bank owned sales are almost over IN THE BAY AREA. I can't speak as to other regions.
Anytime any of you out there would like up to date and timely info on subjects such as this you are all welcome to contact me directly at 925-382-7294 or just click my Trulia profile and shoot me an email. Cheers.