HOA's will usually have a 2nd or 3rd position on any interest in the property. That being said, if there is no money available, depending on where the condo is (what state) and whether or not it was your primary residence, they might come after you and ask you to sign a note for the defficiency. If you do not, they can file a judgement against you.
You need an attorney to answer these questions. You also might find the answer in you POS.... more