I do have a question for you. How do you know your home depreciated that much or at all?
Another question that I have is, was the home really ever worth what you paid? As you are aware, the real estate market is not the same as it was even a year ago. There were a lot of unethical Realtors, lenders and appraisers out there and innocent people like yourself were taken advantage of.
Not knowing all of the facts, those are just two of the questions I have with regard to your situation. Perhaps you paid too much for the home to begin with.
Now, if the home went back to what it is actually worth, you may have lost value. There is nothing you can do about that now.
If you need to sell, then you would have to list your home for what it is now actually worth and perhaps take a loss. If you can get enough to pay off the mortgage, then that is the important part. If you can't even get enough to pay off the mortgage, you would have to go to settlement with the difference to pay back the lender.
If you have to sell, you could find a Realtor who is an expert with short sales which is a whole different story.
If you do not have to sell, then no worries. Your home will appreciate again and if you make any improvements, that will only help your situation. Improve the bathrooms and the kitchen. That is what most buyers want and what appraisers really look for.
If you want to provide more information, that would be great,.
Feel free to contact me if you have any questions for me.
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee