Most Likely: If you call your lender to say that you can't make the payment — and if you don't do it every month — the bank won't change the locks on your home.

Worst Case: Your credit report will take a big hit, you may not be able to get other loans (or it may cost you more to get them), and you may get stuck with late fees on your mortgage. If you default regularly, the bank could call in the note, forcing you to sell your home or face foreclosure, and you might have to file for personal bankruptcy.