" If you lost value, you have to withdraw $7000, not the lower value it might have now.). "
@Opus 17
Not correct.
After the custodian calculates the gain/loss you get back $7,000 plus or minus that amount.
You report a withdrawal of the contribution ($7,000) on your tax return, and the earnings, if positive are taxable.
Custodian will supply the 1099-R but not in time.
@shr22
