It looks like help may be on the way for some Bronx homeowners facing foreclosure, following a rare, effective compromise between the Republican-controlled Senate and Democratic-controlled Assembly.

The bill, which has passed the Assembly and Senate and now awaits Gov. Paterson’s signature, requires lenders to warn borrowers in writing at least 90 days before starting foreclosure proceedings and says those lenders must give borrowers contact information for housing counselors. Unfortunately, in the northwest Bronx, there is only one such counselor.

Courts must also hold a settlement conference between the lender and borrower facing foreclosure within 60 days of being served with legal papers.

The bill also requires mortgage brokers to present borrowers with the best loan for which they qualify, so people with good credit are not steered into overpriced loans.

“The bill makes sure the foreclosure crisis does not happen again, and tries to prevent as many foreclosures as possible,” said State Senator Jeff Klein (D-Bronx) in a telephone interview.

Statewide, one in 32 homeowners is projected to face foreclosure in the next couple of years. In the northwest Bronx, the areas of Fordham and University Heights have some of the highest foreclosure rates in New York City, many of whom took on bad sub-prime loans they couldn’t keep up with.

The bill does not include a one-year moratorium on foreclosures (despite a big push by local housing advocates) or force lenders to maintain foreclosed properties, amendments Klein said he tried to add to the bill.

The foreclosure provisions apply to sub-prime loans taken out between Jan. 1, 2003 and Sept. 1, 2008, but not to future loans. Any lender or broker who violates the provisions could face charges, fines or penalties from the attorney general’s office or the State Banking Department.