Press x + circle to free your stuck lure. Or, if you have the Bass Landing controller hit the button on the bottom.

To move without wasting time just hit the start button and go to the Lake opition on the Menu screen. Select move and postion the cursor where you want your boat to be. When you exit out of the screens you will be at the new spot you picked and time should be the same as when you paused the game.
Hint: You should have a general idea of the Lake before you use this command. My advice is to play the lakes in Free Fishing and get an Idea of where the hot spots on the lakes are.

In free fishing mode and select lunker lake. Then pick set up enviroment. For pressure go to none, season 4 mid- 6 mid or 8mid-10mid,Weather Yesterday cloudy/sunny, Weather Today cloudy/sunny,Wind direct east, Wind speed 0.0-1.0, water temp 60-70, water clear, time 6:00-8:00 or 15:30-17:30,time lapsed none, best lures popper or spinner bait hint: the fish like hiding i weeds. Sometimes the best place to fish is the first set of sticks.