To get a payoff letter, ask your mortgage lender for an official payoff statement and let them know what the projected closing date is. This is a sample form of payoff letter.Members-only access. A mortgage payoff letter can come in two forms. One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan. Provide a clear explanation: Your letter should acknowledge and indicate why something happened. I (we), the owners of the above mentioned property, authorize you to release all mortgage and payoff information to Chicago Title. What is a Payoff Agreement? A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment.