A system and method for facilitating foreclosure on collateral is disclosed. An example system may include a lending agreement storage circuit structured to store a plurality of lending agreement data comprising at least one lending agreement, wherein the lending agreement comprises a lending condition data comprising terms and condition data of the at least one lending agreement related to a foreclosure condition on at least one asset that provides a collateral condition related to a collateral asset for securing a repayment obligation of the at least one lending agreement; a data collection services circuit structured to monitor the lending condition data and to detect a default condition based on a change to the lending condition data; and a smart contract services circuit structured to interpret the default condition and communicate a default condition indication that initiates a foreclosure procedure based on the collateral condition and the default condition.