The Publication Period:

If the default is not cured within the 3 month Notice of Default period, the trustee prepares, posts, records and publishes the Notice of Trustees Sale.
 

A copy of the notice is published in a newspaper of general circulation once a week for three consecutive weeks. The notice is also posted on the property and recorded at the County Recorders office.
 

If the property owner wants to reinstate the loan during the publication period, the beneficiary must allow him / her to do so up to five business days prior to the date of sale, unless the loan is all due and payable pursuant to the terms of the note. The beneficiary will also instructs the trustee to make the opening bid on the beneficiary's behalf. This will usually be for the total amount of the debt secured by the deed of trust, plus any advances, trustee's fees and expenses. 

The beneficiary may instruct the trustee to make a deficiency bid. A deficiency bid is one which is less than the amount of the debt and is used when the beneficiary does not want the property back and / or the value of the property is less than the debt due on the note.

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