Earlier this year I re-financed my ARM. I contacted my then-holder, IndyMac, to talk about exotics - noPay options, et al. They could not explain it to me over the phone, nor would they send me any documentation UNLESS I started the application process. Fully refundable if I choose to decline, of course. So, I did just that.
I'm not an MBA, but I do have a couple of degrees, experience in corporate finance, and of course all the wonderful learnings from here ...
I read all the stuff they sent me. What a freaking rip off. Let's just say that it's all as bad as you read about. It was all there in black and white: to wit, "This could get really expensive".
I declined, got a 3/1 ARM, and will reconsider my options in 2 more years ...
What fun,
rr