# Liquidations

Teller pool loans are fixed duration(each pool can have different duration so check the pool metrics for "**Duration per loan**") and if a loan isn't [repaid](https://docs.teller.org/teller-lite/lending-pools/borrowing/repaying-your-loan) or [extended](https://docs.teller.org/teller-lite/lending-pools/borrowing/extend-your-loan) before the time duration expires, the loan will **default**. In this case any liquidator can claim the full collateral while the loan amount will return to the liquidity pool.

Auctions details:

* **Pair** - liquidity pool pair the loan originated from.
* **Collateral** - fixed collateral amount used for the loan that can be claimed by liquidators.
* **Price** - price paid by liquidators to claim the collateral amount, this will decrease over time.
* **Time** - time left on the 24 hours auction timer.

<figure><img src="https://3904891226-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fvp8vs3kAi1iyPrx6sout%2Fuploads%2Fbxp3BxzAIvQFd6d9ZcIv%2Fimage.png?alt=media&#x26;token=0d965f28-91cc-4722-9dc8-0d71f7708239" alt=""><figcaption><p>Auctions page</p></figcaption></figure>

Once a pool loan defaults it will get auctioned and can be liquidated from the **Auctions** page. As the pool loans are overcollateralized for the first 24 hours the price to liquidate the collateral starts higher than the initial loan amount and then decreases linearly with time. \
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After the principal loan has been repaid to the liquidity pool, any surplus from a successful auction will be shared between the protocol and the liquidity pool, thus increasing the pool yield for lenders.

To liquidate a defaulted loan click on - **Liquidate** and confirm in the connected wallet.