The first thing that will happen after a few months is they will start foreclosure preceding. Your credit will start to take a hit from the first month and beyond. The foreclosure process will take a while but your credit will be even worse. I would suggest to call the bank to see what can be workout, some banks may not even inclined to talk to you if you are not behind on your mortgage.
I donâ€™t understand it because they rewarded you for bad behavior. However, if you can afford the mortgage, you have a responsibility to pay it.