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. How to fill out the Payoff Request Letter Templates? The bank is required to prepare and record in the public records where the property is located a "satisfaction of mortgage." This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. Mike Beltran, Lithia. 58. The bilingual interviewer.