foreclosure on investment property,( not primary residence)?

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We have an interest only loan on a high dollar golf course lot in a resort in NC.
We have not ben able to sell it, and we can no longer make the payments. It is foreclosure time. At this time, although it is a very valuable property, it would sell for less than the purchase price , especially at an auction.
I have heard many things about the consequences; we have heard the bank will sue for the deficiency and can come after our home and home equity, we have also heard that banks are not filing lawsuits as frequently for deficiencies these days.

What are the most likely scenarios ? Any advice ? Any recommended strategies ? Anyone know someone with deep pockets who may want a great deal on what is truly an exceptional piece of property?
( we cannot afford to hold on to the property and continue payments, we cannot get a home equity loan to make payments, we are just now deciding to make no further payments, and are very concerned about the consequence