Countrywide 3yr Interest Only Modification

[Joel Fraser]

I am hoping someone can help me out here. I have been battling with Countrywide for the past 8 months trying to modify my sub prime jumbo loan along with my HELOC. My HELOC is owned by Wells Fargo. Both of my current loans total $4500. I am up to date on my payments and I am about a year away from the loan resetting. I just want to get out of this risky loan. I have had success with them in working with me. It just seems like the offers get better and better from them when I refuse their offer. The first was a 30 year 5.25% fixed rate. They said they couldnt touch my HELOC which has an interest rate of 10%. Although a great loan my payment would have gone up $2000!! I declined and kept calling. They then offered a 5 year interest only at 5.25 and couldnt touch my second. I declined this and was passed on to Zach Harrod in the "Office to the President" department. All of a sudden he was able to reduce my HELOC to 8% from 10%. He also submitted a 4.5% interest only modification to Wells Fargo. Well Fargo declined that and came back with a 3 year interest only at 5.25%. After 3 years the rate will be adjustable. I am a little hesitant on the adjustable rate after 3 years, should I take their latest offer(3yr interest only 5.25%) or keep fighting to get a better rate?