What do I do about my mortgage being almost $80,000 more than what my home is worth?

I’m so very upset. I bought my house when I was 25 years old, 3 years ago… I bought it at the peak of the market… for 233,000. I put 45,000 down, 30 of my own saved money (all my savings since i started working at 16) and my parents loaned me 15K. It is an interest-only loan… i have been making more than the payments to go towards principle and my mortgage now sits at about 180,000. The home across the street is on sale for 109,900. THe same one. One in my neighborhood is as low as 99K. I am so depressed I can barely stand it. Will this home EVER go back up? Is it going to be worth it for me to hold onto it all while paying the mortgage (barely getting anywhere) and paying HOA dues every month? I feel like it is my responsibility but I am heartbroken over the fact that I saved for years for this house and now my job is drying up and It was just supposed to be a starter home anyway… im at a loss. i still feel very young and naieve… If I foreclose, do i still owe money? I feel like it’s my last resort, but im up to my head in stress…. 🙁 any guidelines, suggestions, advice???
Guys, thanks, but i CANT refinance, the plan under obama leaves me up to 105% of the loan to value ratio… mine is above 135%… Ive already contacted my bank… of course! and lady that told me i shouldn’t have bought… i didnt know any better i thought prices would keep escalating. yes, dumb, i know.
you aren’t listening. i am not LATE on my payments, i make them every month. my point is what is the point of holding onto a house that is never going to go back up to the amount it once was??? I CAN AFFORD IT. i remember now why i hardly come here, people can be such jerks. thanks to the nice ones.
im in nevada … west coast.. we were hit the hardest … i know there is no way to tell if it will go back up… im sure it will go UP… but will it go back up to my starting price of 233K where i would get my money back and then how much would i have lost along the way.

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