Defaulting on Your Mortgage? Is Your Agent FACS Certified?

Due to the national mortgage failure rate there are several alternatives available to homeowners to avoid Foreclosure. If you are considering a Short Sale make sure your agent is FACS Certified. The Foreclosure Alternative Certified Specialist is the highest level of Short Sale education in the country according to Fidelity National Financial. Beyond Short Sale's, the agent's who have earned FACS will have a superior knowledge of Loan Modification, Short Refinance, and several other options.

Activity in Fannie Mae’s portfolios declined according to most metrics during the month of October as compared to September. Delinquency rates reported, however, continued to increase.

In their monthly summary, Fannie Mae reported the corporation’s Book of Business declined at a compound annualized rate of (3.1) percent during the month. The current Book of Business is $3.23 trillion, an increase 4.8 percent thus far in 2009.

The retained portfolio declined 27.8 percent to $771.5 billion during October. The portfolio has declined 2.4 percent thus far in 2009. The principal decline was in non-Fannie Mae Agency Securities which dropped from $60.6 billion to $49.4 billion. Mortgage loans increased by about $5 billion and non-Agency securities decreased a little over $5 billion. Fannie Mae, along with Freddie Mac is mandated to reduce its portfolio by 10 percent a year beginning in 2010 until the portfolio of each corporation reaches $250 billion.

It is imperative for agent's to know they have no choice but to be in the default market if they are planning to do Real Estate over the next ten years. The Foreclosure Alternative Certified Specialist (FACS) designation should be mandatory for Real Estate Professionals.

-Christopher Rockey