If the foreclosure results in the lender taking your house and selling it, if the bank does not get all that is due on the loan including interest, costs and fees, it can ask for a deficiency judgment for the difference. If it gets the deficiency judgment, then yes, it can levy on your bamnk account or garnish your wages until it is paid in full.
However, if you qualify for Chapter 7 bankrutpcy, you can file and discharge the deficiency judgment, and if you do that, the lender won't be able to take any further action to collect other than taking the house.
While it is possible for the bank to garnish your wages and other monies to satisfy a deficiency judgment, I would suggest defending the foreclosure action to limit or eliminate the possible consequences of a deficiency judgment arising from a mortgage foreclosure action. You have options aside from bankruptcy.
