I too went looking for answers, and ended up here. This is what I did:
I started off using mockery to mock out the module that my models were in. An then creating my own mock module with each model hanging off it as a property. These properties wrapped the real models (so that child properties exist for the code under test). And then I override the methods I want to manipulate for the test like save. This had the advantage of mockery being able to undo the mocking.
but...
I don't really care enough about undoing the mocking to write wrapper properties for every model. So now I just require my module and override the functions I want to manipulate. I will probably run tests in separate processes if it becomes an issue.
In the arrange part of my tests:
// mock out database saves
var db = require("../../schema");
db.Model1.prototype.save = function(callback) {
console.log("in the mock");
callback();
};
db.Model2.prototype.save = function(callback) {
console.log("in the mock");
callback("mock staged an error for testing purposes");
};