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 ownership of the NFT used as collateral.
- 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 and take possession of the NFT collateral. If you want to try to renegotiate with the borrower, you can do so at any point before foreclosing.
- 3.To foreclose the loan, find the defaulted loan and click on 'Foreclose loan'.
- 4.Sign in your wallet.
- 5.You should now have the NFT collateral in your wallet.