Seller has received notice of the filing of a lien against the property from HOA's attorneys and their intent on foreclosing if debt is not paid promptly. This is happening in NC.
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Many times you can get the HOA to stop their foreclosure case for a payment. You don't have to bring it up to current just offer some kind of payment (2-3 months). If the seller is not willing to do this the only option is to complete the short sale before the HOA is able foreclose. I have yet to see a bank act in the way Anastasia has explained but if you can get the bank to pay then more power to ya.
Usually we just get as much as we can from the bank to pay off the past due fees, negotiae the HOA as low as they will go and require buyer and/or seller to make up the rest at closing.
I think luck was on my client's side when the bank stepped in. There was quite a bit of hounding on this end as well and I've learned over the years that if you don't ask, the definite answer is "no". The negotiator was actually great to work with and had the buyers hung in there, we could have closed in 6 weeks. Amazing!
I had this happen earlier this year (Seattle) which popped up after we had mutual acceptance and title opened (wasn't on the preliminary). When the negotiator for Homestreet was notified, the lender promptly paid the HOA dues in full. Unfortunately, the buyers were not well educated and got cold feet. In this case, the bank actually performed but the buyers did not.