The other end of the equation is your current housing situation. I understand that you'd like to purchase a home where you are now, but that may not be possible. Your best bet may be to continue renting. One other possibility: Consider a lease-option or rent-to-own. You can't really do that effectively in Texas--Texas restricts those--but there's no similar problem in the other 49 states.
Hope that helps.
It is possible that your bank might allow you a promissory note for the balance.
I would talk with your bank, explain the situation, and see what they will do.
Also, I suggest talking with a CPA regarding tax consequences. Most people do not take tax into account when determining if renting out a property makes sense. You need to find out the tax implications while it is a rental, and what happens when it is time to sell.
Seems like renting it out would be the best bet or have you considered leasing with option to buy? There has got to be a creative way to get the house taken care of without ruining your credit especially if you are under whats owed. A short sale will ding your credit by at minimum 50 points and it would seem that would impede your ability to maintain good credit to repurchase.
Get more aggressive with your home - is it clean, staged, in good working order etc. Maybe get a home tender to share expenses till it sells. Probably would need to seem some pictures and more information to assist further.
If you want to buy a house renting your current home is your best shot because once you get behind or short sale it will be at least a couple of years before you can buy a house again.
Good luck to you.
Have you considered a shorter term rental marketed to HR departments at larger companies in your area - new hires live there for 3-6 months while they look for a home to purchase and in exchange you receive a higher rent?
Is your home being properly maintained now? Is it staged and appealing? A vacant home often sits on the market...
If I may help you further with questions or an agent referral, please let me know. Best wishes!