Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started.Value of Real Property or Mortgage Foreclosure Claim You must fill out and submit this form with each new action. This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. A Mortgage Letter provides confirmation for your lender that your homestead exemption has been approved along with an ad valorem estimate of your tax bill.