This document provides a sample payoff request letter that can be used as a guide. I (we), the owners of the above mentioned property, authorize you to release all mortgage and payoff information to Chicago Title.Edit, sign, and share private mortgage payoff letter template online. No need to install software, just go to DocHub, and sign up instantly and for free. The closing of this transaction is subject to the Seller's successful negotiation with the lender(s) of record to accept a payoff. A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Q: I have a small condo I just paid off.