Click on Payments and then click on Request Payoff. Get access to direct deposit forms, automatic bill payment forms, and loan management from BMO.Contact your lender online or over the phone to request a payoff statement. Check our current HELOC rates and use our home equity line of credit calculator to see what you may be able to borrow based on the value of your home. Loan servicers then issue a final demand letter to the borrower. A payoff letter provides instructions on how to pay off a loan with a lump sum before the loan term ends. Learn how payoff letters work. This catalog is an official bulletin of Kansas City University of Medicine and Biosciences and is intended to provide general information. Default is the failure to make required interest or principal repayments on a debt, whether that debt is a loan or a security. Filing requirements for this type of collateral, the loan official must fill out items 13,.