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.This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. This article provides information regarding titles on vehicles and whether a lien is attached or cleared. Learn how the Ohio foreclosure process works, including preforeclosure steps, foreclosure procedures, and homeowner rights. Mortgage Association, Federal Home Loan Bank, Federal Farm Credit Bank, Federal Home. Please obtain a written payoff letter from the existing lender.