What happens when you cannot pay rent for your storage unit in Lewisville

The economy has not been doing so well and you might find yourself in financial trouble and it could be worse if you have additional expenses such as self-storage spaces. A lot of people have been renting storage units Lewisville to store extra belongings but sometimes you can find yourself falling behind on rent. So what happens when you cannot foot your bills?

storage units

Your rental will go into default

When you were renting your storage unit, you signed a contract agreeing with the terms and conditions, part of the conditions included defaulting in payments which means there are a number of days that you can go without paying which is normally 30 days, after that, the facility will lock your storage unit, a letter might also be placed at your door warning you not to enter, you should obey this rule no matter how much you want to get inside your space.

The company will constantly try to reach you

The company will try to contact you to discuss the way forward; this is because the other option would be to auction your stuff. Although it seems like a simpler option for the company, it will end up wasting precious time that would have been used in running the business, additionally, storage auctions are not profitable, that is why the company tries to contact you so to avoid to go through all the trouble of auctioning your belongings, they are also required by law to try to contact you.  That is why it is crucial that you keep on updating your contact information so that you will not miss out on anything.

The facility gives you time

Storage companies are supposed to give a client sometime between going into default and auctioning. A person can be given 30 days, after that, the management is now allowed to get your belongings out so that it can be rented to other interested customers. So it is important that you try communicating with your management so as to discuss the way forward, this way, you might be able to get some help, you never know, you might get lucky and come to some sort of agreement.

Last option

When you have run out of options, the only thing remaining is auctioning, however, the day before auctioning, the company will announce the time and place of auction and you will also receive a letter notifying you.  A tenant is not allowed to attend his or her own auction.

Moving forward

Auctions can sometimes fetch more many and sometimes they won’t, if they do, you are in luck because you will be able to pay off your balance. If this does not happen, you will have a harder time renting an apartment; storage unit etc or you will need to pay a deposit beforehand.  On the bright side, you won’t be the first or the last to lose your belongings to an auction, the important thing is to move on, learn from your mistakes and make more informed decisions in the future, additionally, there are other several storage units Lewisville that you can go it the next time you need extra storage space.