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The Site Managers carry the bulk of the responsibility for successful foreclosures. It is vital that each step is executed and confirmed on time so that we catch any errors early and can fix them. The full outline of how to execute each step is contained in the site level Ops Manual but see below for the requirements of your managers during the course of the foreclosure process.
Making Collection Calls a minimum of 3x a week, or until a payment commitment date is obtained, in which case we should resume the 3x/week calls if that commitment date is missed.
Placing Overlocks on delinquent units when prompted in the system. (Typically on Day 7, though there are a few one-offs such as California who overlocks on Day 11.)
Confirming that all tenants have a Valid Lease prior to the first Lien Letter going out.
Confirming that the mailing address/email address we have in StorAlly matches what's on the Valid Lease.
In the event that we don't have a Valid Lease with correct information, the manager needs to work with you to send a Missing Lease Letter to the appropriate contact information.
Run a Lien Search for all delinquent tenants
Confirm all Lien Letters went out and check for accuracy the day on/after the letters post in StorAlly
Cut unit locks & inventory the space contents
Compile auction ad template for your approval prior to submitting to newspaper
Ensure the auction ad runs on time correctly in the newspaper or on our website
Post the auction on Storage Treasures
Compile & submit an Auction Paperwork packet for each unit being foreclosed
Handle the post-auction tasks (collecting payment from the highest bidder, requesting a backup bidder, requesting a cleanout)
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