TRENTON, N.J. (AP)  -- Mortgage foreclosure protections clear a New Jersey Assembly committee.

The bill gives homeowners facing higher interest rates the chance to pay a lower rate for up to three years.

It also requires lenders to notify homeowners before an interest rate is changed.

Sponsors said homeowners and borrowers would benefit from the three-year reprieve because it would enable people to remain in their homes while continuing to make mortgage payments.

New Jersey saw nearly 54,000 foreclosure filings in 2007, a 34 percent increase over 2006.

The bill goes to the full Assembly for more consideration.

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