Jim painted a good picture.
From that point, you will probably have 6 to 12 months before they actually foreclose.
This can be delayed by;
Talking to the Loss Mitigation Department
Trying to do a Loan Modification
Trying to do a Short Sale.
The Banks seem to think that the housing crunch is over and that prices will soon rise: They are holding on to their inventory until they absolutely HAVE to FORECLOSE.
This could mean even longer periods until the Trustee Sale.
Good luck and may God bless