it is a mortgage i.e. a debt you are responsible for -- it is not a financial asset or account, that can be liquidated or transferred/ sold.
FBAR requires reporting of fiancial accounts ( speciafically bank/ broker accounts etc. ) that you either own or have signatory powers over when the aggragate US$ value equals or exceeds 10K at anytime during the year being reported on. Methinks your tax person has it wrong.
Neither FBAR nor FATCA requires reporting of real-estate assets yet but if you are renting out property in India and you are being treated as a "resident alien" for tax purposes i.e. you are being taxed on world income by the USA, you will need to report that foreign rental income. -- but that us another story.
