Great question for an attorney. You'll need to figure out who is foreclosing and why, what they want and what type of HOA you have and who is protecting you. This is a legal question and I'd start with your board, but not stop there. Getting an answer from an attorney is the only reliable way to go.
When you are part of an HOA, you are a part owner of all the common areas. This may be a mistake, a formality or some new way the party doing the foreclosing is trying to ensure they can collect.