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.Why do I need a Payoff Letter? 5. I need to speak with a mortgage representative, why can't I come into the office like other government agencies? Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. Establish property records and record real estate transactions within Hennepin County. ANNOUNCEMENT. This meeting will be held in the Council Chambers at Bloomington Civic Plaza. Some members of the. We have drafted a sample letter for you to use to explain these options to taxpayers.