If you stop paying your mortgage payments you may have your home repossessed. It will also make obtaining future credit very difficult in the short term. This not only includes getting home loans, but it will become extremely challenging to obtain any form of credit. Missing one or even a couple of mortgage payments doesn’t mean repossession is imminent. But forgoing them will set the repossession process in. Plus to boot, it will have long-lasting consequences for your credit and finances.