Loan Modification with CalHFA 5% 30-year fixed loan with BofA?

[staufj22]

Hi,

So I got my 5% 30-year fixed loan from BofA a few years ago as part of the first time homebuyer program from CalHFA. I've had some serious cuts in income recently and are also now under water since the property value has dropped significantly. I'm able to pay the mortgage each month, but only if I dip into my savings account.

I contacted BofA back in May to request a modification along with my pay stub and personal finance worksheet. Sometime in June, an analyist called to request some missing information from the expense worksheet. After some back and forth calling, they are finally satisfied with my expense list, and it shows I have a deficit of a few hundred a month.
The same analyst called me back yesterday, requested my latest pay stub because my "investor requires the pay stub to be within 90 days of the request". So now, I have to fax over the latest pay stub, but will this be it? It's been almost 5 months since I first requested the assistance! I'm still current on my loan, but am seeing my savings dwindle month by month.
What should I expect from my request? I've read somewhere that CalHFA loans can't be modified because of some investor rules... anyone hear something similar?
Also, I know that my 5% 30-year fixed loan is pretty good already, is there any chance that a modification wouldn't help me much, and will end up costing me more in the long run? I don't plan on moving anytime soon, not for at least 5 to 10 years.
Any advice would be greatly appreciated.

[staufj22]

So I faxed over my pay stub last Friday (07/24), the analyst said it can take anywhere from 24 to 48 hours for the fax to be attached to my account. I called on Tuesday (07/28), and they haven't received my fax yet. The CSR I talked to said it usually takes 3 to 5 days for faxes to be attached... Ok, So I called again today (07/30), still nothing! now the CSR says it usually takes 5 to 7 days... What the heck? By the way, I re-fax the pay stub over after every call...