Matt is correct, Sunny. Besides the lender pursuing foreclosure, your HOA can also do the same although typically, the lender will have priority.
Many have lost their home with or without homestead and so, you must quickly determine if a Lis Pendens (latin for Pending Litigation) has been filed as a result of a foreclosure action against you or not.
I can tell you from experience that you can delay a foreclosure just for the asking but you MUST demonstrate to the court that you are working with a reputable agent to sell the property.
Therefore, if a Lis Pendens has been filed, you should soon receive a date by which you must respond to the action (usually within 20 or so days). Attend the hearing and show the judge that your attempts to modify failed and that you are now taking the necessary next steps to get the property sold as you seek a Short Sale.
Typically (and this will depend on how prepared you are and how you present your case, etc), they should allow an extension. I've seen people get more than one extension since judges today (as long as they see the homeowner really taking matters into their hands), will side with the homeowner rather than allow the lender to foreclose.
Seek the advise of a competent attorney, Realtor and even a tax advisor (there may be tax consequenses to a Short Sale you must be aware of). As a CDPE, I can provide you a lot of information but in the end, I'm not an attorney or CPA/tax expert and so, these will be individuals you will want to consult separately.
Neither foreclosure nor short sale may be your only options left. You may still pursue bankruptcy protection or deed the property back to the lender in lieu of foreclosure.
Again, you've taken the right first step by coming to this forum. Now you need to take it all the way and avoid foreclosure at all cost. This outcome will affect you in more ways than one, longer than most other alternatives so, seek further advise PRONTO.
All the best.