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.Value of Real Property or Mortgage Foreclosure Claim You must fill out and submit this form with each new action. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. If you know you're not going to be able to keep up with your loan payments, you might be better off selling the car yourself and paying off the debt. The more the better. , for Civil in the District Court of Hillsborough County.