Yes, the "HOA Foreclosure play" is a good way to make money but you need the proper structure in order to make a profit. We work with a service that does this, it basically costs about $6900, plus attorney fees, and then they orchestrate negotiations and/or foreclosure defense using a team of attorneys and professionals that specialize in this. Typically banks especially big ones do not give disocounts unless they have to. These guys comb mortgages and docs and give them a reason to. Can take months to a year, but I've seen some jaw dropping equity being recovered where there seemed to be no hope on deals. The service is EquityFixers.com and they are experts in equity recovery.