That question can be answered in the by laws of that specific HOA. If that clause does exist in the HOA documents from when you purchased the property than they can force the other homeowners to do so.
Every HOA by laws are different.
What community in Prosper has that many foreclosures that the HOA doesn't have any reserves to operate?
Have a blessed day!
Ronda Allen, Realtor and C.P.M.
CEO of comingsoonhomes.com
Prosper Resident Realtor
RE/MAX Dallas Suburbs-Keith Dobbs Team
#1 Office and #3 Team for RE/MAX in North Texas Region at mid-year 2009!
If this is the case, your HOA money will eventually be recovered.
This is indeed a tough situation. You'll need to go back and look at your HOA documents that you received at closing or before to determine what is possible. It could be tough for the developer to collect the fees on foreclosures or collect them in a timely manner. Therefore you could be left holding the shortfall if there are provisions for this in the HOA documentation. You may also want to consult a board certified real estate attorney and band together with your neighbors to present a united voice.