I (we), the owners of the above mentioned property, authorize you to release all mortgage and payoff information to Chicago Title. 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. 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. The closing of this transaction is subject to the Seller's successful negotiation with the lender(s) of record to accept a payoff. You'll also need to send us the endorsed claim check and a signed letter requesting that we use the claim proceeds to pay off your mortgage loan. One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan. What type of insurance is required? Generally, you must pay for money orders with cash or debit card.