Storage units can be rented from different providers, in exchange of a monthly rate. When the rent is late, there will be late fees added to the regular rate. However, units for which owners did not make their rent payments for a longer period will be eventually considered as abandoned.
There are different regulations, depending on each state, specifying how many payments can be missed consecutively, before a unit is declared abandoned. This information should appear in the contract, as well as other procedures related to such a situation. For example, in some cases, the facility's property manager will send reminders by phone, mail or e-mail, during the grace period, or may even publish ads in the local papers, if the renter is unreachable otherwise.
If a storage unit is declared abandoned, the property manager is entitled to confiscate its content. In most of the cases they will organize an auction, open to the public, announced in the local media, in order to sell the confiscated goods and recover the unpaid rent. Many people hunt for such auctions, hoping to find something valuable to them, at affordable costs. The Colorado Springs storage property manager can choose whether they will auction one item at a time or the entire unit at once.
