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Foreclosing

In the event a borrower fails to repay the loan within the loan term, as a lender, you have the right to foreclose the loan and take back loan's principal amount + interest

LEND2-guide-2

1. Navigate to 'Porfolio'

2. The defaulted loan will be listed on this page. If you do not want to renegotiate loan terms with the borrower, you can now foreclose this loan.

3. To foreclose the loan, find the defaulted loan and click on 'Foreclose loan'.

4. Click 'Confirm' and LEND2 will liquidates the NFT collateral from the smart contract and burns the promissory note

5. You will need to wait for 1 day and this loan's principal amount + interest will auto transfer to your pool wallet.