I have two loans on my primary residence; what happen to loans when you files forclourse?

I have two loans on my primary residence; i.e. loan from Country Wide & Line of credit from Bank of America. I am going through tough time and filled for foreclosure. Now my question is what will happen to both loans? Do I have to pay them in long run or they will go with property as it will hit my credit. What happen to Line of Credit account? Please advice
Both banks (loans) has lien against my property. If the house goes do the loans waive off too.

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