Leasing Restricted in HOA

I lost my job in January of 2009 and finally found a job in June 2009 but I had to relocate to another state. I tried selling my house but I owe more than it's worth so I tried selling it to an investor. The investor wanted to do a lease purchase but the HOA said I can't lease the property. They said I could ask the board for a hardship request to lease the property. I sent the required information but they keep giving me the run around and won't give me an answer on my request. I bought my home in 2004 and in 2005 our board of directors for HOA has drawn up an amendment restricting leasing.

Is this legal in Georgia? Should I lose the home to foreclosure because the HOA won't allow me to lease?

I would explain to the HOA the problem with foreclosure and how it affects the entire community. Print out information from online that states statistics on how an empty house sitting in disrepair brings down the property values of the entire neighborhood. Ask for them in writing to render you a decision within a specified amount of time. If they OFFER the option of a hardship situation, then you certainly warrant a response to your asking to avail yourself of the same.

Their failure to allow you to rent it is not what is causing the foreclosure. Your inability to make the payments is what is causing the house to be foreclosed upon. So no, there would be no law against their restrictions--and I suspect when you joined and agreed to the terms, that in there it says you agree to be bound by any and all changes TO the HOA rules at a later date.