I would agree with the other answer and ask if Wells Fargo is encouraging you to do a short sale. If so, I would look into this or a loan modification. Wells Fargo and the other big banks are definitely making an effort to help homeowners in distress.

If you have questions about short sales, you can find answers at my website:
mikehelpschicago.com

Linda,
I'm sorry for your troubles. Is Wells Fargo telling you that the home has to be listed for 3 months in order to qualify for a short sale? If so, that just doesn't sound right to me. A short sale will have some negative effect on your credit, but you no longer will be responsible for taxes on the difference. Previously, this could have been taxed as income, but new laws have changed that. The fact that you are on a 15 year mortgage explains why the rent will not cover the payment. Talk to Wells Fargo about a loan modification. Typically speaking, the house must be your primary residence in order to qualify for this, but you can be sure that Wells doesn't want you to foreclose. They just want that monthly payment from you. Talk to them about getting back on a 30 year payment and that should really help. Then, hopefully you can hang on until the market gets better and you can sell the house. If you still have good credit and a steady income, Wells Fargo may be able to refinance you again if the loan mod isn't an option. Hang in there. I hope things get better for you and your family. Good luck!