I lost another plane last night

This one was a .40 size trainer with the diheadral taken out and and a K&B .65 and 4oz of lead in the tail to get it to balance.
It was a bit on the heavy side but pretty sporty. It would fly straight up as long as you wanted. It didn't float anymore like a trainer I guess due to the weight. If you got it too slow it would stall a wing tip and drop that wing quick!
Last night I was flying upsidown patterns for practice about 60' up. All was going well for a long while. I was getting ready to quit for the day and gave up elevator to half loop out of inverted and when it came around it dropped a wing tip and began to spin nose down. I gave up elevator but it didn't do much and it slamed in. I have seen it do that onece before but I was up high and it recovered.
It had the nose down and the plane was sort of wobbeling around following the nose down. Is this called a spin? Does up elevator make it worse? What is the best way to recover? I didn't seem to have any chance at 60'. It was in the ground really quick!