From an investment standpoint, would it be better to make this balloon payment or let this property go back?

I bought 3 acres to build on before the economy went bust. Now it would be indefinite as to if that could happen. I hate to lose it but am wondering if I will lose more with property values going down. I realize this is a terribly general question. I have about 5K into it with 18K to pay soon. I have the money; I'm just rethinking where the greater loss might be--on the front end if I default or the back end if I try to sell. By the way, the owner is holding a quit claim for a potential default so there is no foreclosure situation here.