The powers-that-be in New York State are tired of homeowners getting the shaft in foreclosure proceedings. Instead of dragging out the foreclosure process for months-on-end, a new rule should help expedite things, in the homeowners’ favor!

As reported by The New York Times, last week the state’s chief judge, Jonathan Lippman, ruled that lenders must send to foreclosure proceedings a representative who actually has the power to adjust a mortgage agreement to help keep people in their homes.

This serves as a helpful supplement to other rules requiring that bank lawyers verify foreclosure paperwork and that homeowners receive legal representation. Those two rules do little good when no one is in the room who can actually modify a mortgage agreement if and when it is deemed appropriate to do so. In the past, this has forced the foreclosure process to become a lengthy one. Now instead of waiting on a loan modification to make its way through “the system,” the new rule makes it possible for the agreement to be changed on the spot, as an authorized bank representative is required to be present.

Chase, Citigroup, Wells Fargo and Bank of America have all agreed to follow the new rule that goes into effect this Spring in Queens, with plans to expand the program throughout New York City then, ultimately, throughout the state.

What the Times suggests is the biggest kink in the system now is the provision of legal representation to homeowners. Evidently, funding for such a service has been cut and the funding now intended to take its place won’t be available for months to come. In other words, it seems to be unclear where the money will come from to cover the cost of providing legal assistance to homeowners between now and then.

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