Edit, sign, and share private mortgage payoff letter template online. No need to install software, just go to DocHub, and sign up instantly and for free.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. The bank is required to prepare and record in the public records where the property is located a "satisfaction of mortgage." The bank is required to prepare and record in the public records where the property is located a "satisfaction of mortgage." Form related to changes in the project scope or cost, including complete updated budget. 2.