If this is the first letter you have received from Wells Fargo then I am pretty sure it is a warning that your property will eventually be placed in foreclosure according to the state you are residing.
The most important thing is to communicate with Wells Fargo and as soon as possible. Please explain your current financial situation to Wells Fargo.
They might have a program or suggest ways in which you would be able to stay in your home.
There are several things you can do to remain in your home, one of which is trying to get your mortgage loan modified as you mentioned. It is not too late to apply for this modification through Wells Fargo.
In order to make sure you are qualified for any of the Wells Fargo programs they might have you must communicate with them. Also you must communicate with someone in authority that can make a decision about your options.
If you are unable to make the monthly payments upon modification then you might possibly lose your home, there must be reality in making the decision in attempting to keep your home.
If you are able to complete the modification documents sent to you by Wells Fargo then you will not be out of pocket for this transaction. If you are unable to complete the application for your modification, and you decide to use an outside firm for assistance in the completion of this application, the firm you decide to use will charge you a fee even if your are disapproved by Wells Fargo for the modification you applied for.
You should be able to complete the forms with the assistance of Wells Fargo, so if a problem arise or something is on the forms you are not familiar with call the person Wells Fargo has assigned you for assistance.
I hope this has been of some benefit to you, good luck.