Contrary to the prior answer who properly suggested that you take all "free" advice as being valued at the exact price you have paid ($0), this is not brain surgery.

A home equity loan is just another expression for another mortgage/trust deed against the property.

Go into default and the lender will initiate foreclosure proceedings. Like any other foreclosure you may want to renegotiate your "Home Equity Loan" Depending upon your real estate market and local prices, your bank might want to cooperated.

Check with your local state law regarding potential deficiency judgments. This loan was not a purchase money loan (i.e. it was not money given to you at the time of property purchase used to complete the purchase)

This matter in somes states an not in others. Also the means of foreclosure may have a bearing on the rights to a deficiency judgment.

If a deficiency judgment is likely, consider asking the financial institution to take back a "Deed in lieu of Foreclosure"

Many realtors will have the easy answer to this. You might even go to a local book store. This is not complicated and even the financial institution might provide you credible information.

Good Luck