I'm sorry that you are feeling the impact of this market - It sounds like you are in a tough spot. Before getting another appraisal, you could ask a Realtor who knows the area to do a market analysis, using recently sold comparable properties. See how close that number is to what you want. If it is close, it may be appropriate to get another appraisal, or question the first one. Unfortunately, you don't always get what you want. Also, your appraisal should list the properties used to develop the $110K value. Check it out - are they truly similar, and did the appraiser justify any differences? Finally, at least one of your "upgrades" - the new roof - is probably not really an upgrade. If it needed replacement, that was "maintenence" - and doing maintenance helps preserve value.