My house value has shrunk tremendously?

and I’m sick about it. I happened to be looking up the houses for sale in my zip code and a house that is three times my house’s size is selling for $ 30,000 less than I paid for mine. I tell you, I am just SICK about this. I see why people were walking away from houses that had mortgages that were far more than the house was worth. I wish I had waited to buy AFTER the economy tanked, then I would have gotten a really great buy. I’m no real estate guru so I don’t know how this works, but if I got an appraisal on my house and the house is worth far less than I paid for it, can I get the mortgage company to drop the principle on it?

I heard that if you have two mortgages and the house is now worth less than the principle on the first mortgage that you could get the 2nd mortgage forgiven. Does anybody know anything about that? If so, PLEASE give me details.
I would sell in a heartbeat if I could to buy a better (less expensive) house but my house is not currently on the market. We need a place to live.
Ok, my last point on this is this: Housing prices over this last say 5 years or so have been ridiculous. No way possible were houses worth what they were charging for them. The real estate industry was full of crooks and thieves and there was so much corruption involved in this industry that in hindsight, I look back and I KNOW I was overcharged for my little fixer upper home. Yes, I bought it, yes I did, but that doesn’t mean that I didn’t get taken to the cleaners in doing so. I bought my house because it was the right time for me to buy and I had waited years to do so. I just happened to have purchased at a time when alot of “mortgage industry predators” were on the loose.
Thanks to all of your for your super-intelligent wit and insight. I really love being browbeaten.

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