Unfortunately Ohio does not have an anti-deficiency statute. Deficiency judgements resulting from foreclosure can be obtained in Ohio.
A lender can take action to collect on a deficiency judgement, including garnishing wages, car and bank accounts in Ohio. However the creditor could typically not attach the 401K as it is exempt from the claims of most creditors.
One way to stop or prevent a foreclosure proceeding is called a "deed in lieu of foreclosure".
This procedure allows you to transfer your property voluntarily to your lender or Mortgage Company and your debt or deficiency is often forgiven. This will not save your home, but it will help you with your chances of getting another mortgage loan in the future and it will help you avoid the lengthy legal process of foreclosure. Although it is a negative strike on your credit rating, it is less harmful than a mortgage foreclosure.
With a deed in lieu of foreclosure a borrower whose mortgage is in default voluntarily transfers title to the mortgaged property to the lender rather than forcing the lender to engage in a long and costly foreclosure action. The lender must consent to the transfer.
If a deed in lieu of foreclosure is the route you decide to take, I suggest that you write to the lender or lender's attorney by certified mail, RRR and request this process.
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