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.Complete and return the form to the Harris Central Appraisal District (HCAD). Get access to direct deposit forms, automatic bill payment forms, and loan management from BMO. How to fill out the Payoff Request Letter Templates? A payoff letter shows the remaining balance on your mortgage, including fees, interest, etc. Learn more about what a payoff quote is and how to request one. Student loan forbearance is a way to suspend or lower your student loan payments temporarily, typically for 12 months or less, during times of financial stress. 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.