What happens if I let Ocwen just take the house back in foreclosure?

I can no longer afford my home due to the raising monthly payments, I am going to let the bank take the home. Will I have to continue to pay or can they garnish my wages, if what they sell it for, does not meet what I owe against it in the state of Missouri?? I will have to rent the rest of my life I know, but cannot afford to have my wages garnished either with three young children to take care of and raise. I already have a place to rent and I am moving now, I want to know what will happen when I notify the bank they can have it back, I have moved out. Homes in our area are not selling at all, and I know if they sell it on the court house steps, it will not bring what I owe against it. I had a three year loan with a low interest rate and now it is sky high, nothing was paid towards the principle in those three years so I basically rented the house those years and still owe the total principle. It appraised more than I paid for it when I purchased the home, but in our area I know it will never sell for the actual costs, will I have my wages garnished the rest of my life???? Will my loan company purchase it for $30,000 and I owe $90,000, will I have to continue to pay for the other $60,000???? I am scared but cannot afford to keep it at $1200 a month payments, we live in a rural area and no one can afford those payments, I have to take care of my family and kids. But I cannot rent and then still make payments to the loan company the rest of my life, I know I will have no credit but I can live with that right now, just have to move on. Please let me know what the loan company's options are and what I will be responsible to pay back if any???