There may be a sign of relief in the distance for homeowners crippled by what many have called New York’s foreclosure crisis.

A bill sponsored by State Senator Jeffrey Klein, that offers more protection and resources to those on the brink of foreclosure and toughens regulations on lending institutions, passed the Senate on Monday.

“Since I first saw signs of the foreclosure crisis crippling my community two years ago, I have made homeowner and tenant protection a top priority,” said Klein, who represents Westchester and parts of the Bronx.   

The bill, which was already approved by the Assembly, includes five different measures, two of which were already passed this year, but are being strengthened and incorporated into this piece of legislation.   

The first requires lending institutions to maintain foreclosed property, a component of that bill that according to Klein’s office would “protect neighboring property values and prevent health hazards that surround an unkempt foreclosed home.”  The second piece mandates that tenants be notified at least 90 days in advance before legal action is taken on foreclosed property.

The bill also seeks to improve the efficiency of court-based settlement conferences that allow lenders and homeowners to negotiate loan modifications to keep their homes.

Another provision of the proposal that Klein’s office says will prevent foreclosures “helps identify distressed homeowners as soon as possible so they can receive effective counseling.”  Finally, the bill prohibits all distressed property consultants from accepting fees upfront and requires them to disclose all fees. 

The bill is awaiting the governor’s signature.