Can I get my money out of a REIT?
No, self-storage facilities are not obligated to release your belongings until your account is brought current. If you stop paying your rent, the facility will typically initiate a legal process to reclaim the unit. While there is usually a grace period of 30 to 90 days during which they will attempt to contact you to settle the debt, eventually, the facility will exercise its legal right to place a lien on your property and potentially sell the contents of the unit at an auction to recover the unpaid balance. If you are struggling to pay, it is in your best interest to communicate with the facility manager as soon as possible, as they may be able to offer a payment plan or other alternatives before the legal foreclosure process begins.
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