This is an unusual case.
The problem is really an issue between the individual that purchased the property at the HOA foreclosure and your lender (in your case OCWEN). The current issue should be focusing on whether or not the HOA gave proper notice of their foreclosure prior to sale.
If the HOA gave proper notice, and your lender simply failed to act, the HOA sale may be deemed as final and OCWEN will be forced to release any claim against the property.
If the HOA failed to give proper notice, the lender can argue that the sale should be set aside (or vacated) as being improper.
However, given the fact that the sale was over 2 years ago, the buyer (and perhaps the HOA if they are joined as a party by the lender - this is a strategy call they will need to make), can argue that the lender is "estopped" from bringing their action at this time (they waited too long - sometimes called "sleeping on your rights").
As far as you are concerned, in Texas a borrower can be held personally liable for a mortgage lien (even if the property is foreclosed on, or is sold for less than the mortgage price - called a "deficiency judgment"), however, the time limit for a mortgage lender bringing such a suit is 2 years after the foreclosure. (You would be past this deadline if there was a foreclosure).
Again, you are in an unusual position - there was no foreclosure, I would highly recommend hiring your own attorney (promptly) to get see when (or if) you should become involved in the current dispute, or if you should sit back and wait for the outcome of the fight between your lender and the HOA and their buyer. This is a strategy call - and really is a risk management decision you must make, I cannot help you make this particular decision on this forum, we are limited to providing you with a basic outline of the potential legal liabilities and issues.
Again, as I noted you are in a very unusual position, you have good arguments that your personal liability should be over (the property was lost over 2 years ago), but just because you have a good argument does not mean the same thing as you having no risk. This is a case where you really should hire local counsel (I don't know how much your mortgage was for, but hiring a lawyer for a consult and to help keep an eye on this case is likely to pale in comparison).
As far as your credit is concerned, a bad debt remains on your credit for 7 years. Depending on your loan program, you may even be able to get another loan for a home now. However, lending standards vary by each individual lender, and brokers and underwriters are looking at your entire financial package, so you really need to work with individual brokers and see what your total financial picture is. (With your current potential liability outstanding, this may not be the best time to look into buying - it would be unfortunate to purchase a new home and have a gigantic liability come through from a lender, an underwriter may be unwilling to extend credit until the current situation is resolved in any event).