Here's a very good site about living in an HOA community:
What some HOAs are doing is going ahead and foreclosing on properties (even if there is not equity because the first mortgage stays and is higher than the market value) and then immediately renting them out. You may want to attend your board meetings and suggest they do this--otherwise the owners who are paying will get stuck with paying their neighbor's fair share! Also a recent change allows an HOA to collect the back due assessments from a tenant. Your board of directors is probably taking the advice of a hired property management firm and unfortunately some of these companies do what is in their best interest and not the association they manage. Take an active role and start attending your board meetings to find out what your volunteer directors are doing to tackle the delinquent homeowner issue.
Hope this helps.
Happy New Year!