What are the financial repercutions if I go into Foreclosure?

What actually will happen after a Foreclosure goes through. I was told that I would be responsible for any fees for this action. Since I am on disability can they garnish my SS income? Would they put a freeze on my banking? I also applied for a loan modification but I did not meet the requirements. I have no one to turn to and I am 64. Thank you for any information that you can supply me.