Obviously you've gotten some great answers already but just my 2 cents... It doesn't sound like you've contacted Wells directly but you should at least give it a try. As far as a short sale, I would almost always recommend that, it will likely be a bad choice at this late date because Wells will not promise to wait to foreclose and its a risk. That's because you could easily go through the hassle of putting it on the market, getting it sold, and then have the foreclosure take place after all of that. Sorry to say its very common and I know from personal experience where I worked at a Realty that specialized in short sales. The foreclosure dept doesn't talk to the short sale department and before you have a chance to do anything you find out its been sold. I would hesitate to put yourself through that unless you're totally prepared for that risk.
One last idea, you didn't say what kind of loan. I have an FHA and I got 6 payments behind last year. In Oregon, (and other states but not sure about Texas) there is the ability to do a one-time FHA insured claim. There's no qualifications, its just part of FHA policy. If you're behind, 1 time in the life of the mortgage you're allowed to have your back payments and fees paid. So FHA paid $20000 toward my pending foreclosure and that was that. It was easy, in fact my local HUD office and my mortgage lender did it in short time, and I didn' t have to qualify. So if you have an FHA I would definitely find out if you can do an FHA insured claim in Texas. Of course, they did add that on to the balance of my loan so now I'm more in debt, so that's a consideration.
other than that, I will say that all of us are learning what is valuable in life and as safe and secure as we might feel in a home, there could be less stress and a better home buying opportunity at a better time in your future, so don't feel like its the end of the world!