The bank is required to prepare and record in the public records where the property is located a "satisfaction of mortgage." I recently paid off my car loan.Will Florida DMV send me the title or should I fill out an application? Learn how a Florida foreclosure works, including preforeclosure steps, foreclosure procedures, and homeowners' rights under both state and federal laws. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. PACE allows a property owner to finance improvements without a large up-front cash payment. Create a Loan Payoff Letter online and download it as a PDF or Word document. Customize and print a blank Loan Payoff Letter for free. This is an example of a payoff letter used in a syndicated loan transaction.