To get a payoff quote, contact your loan servicer and ask for a "payoff letter" or "payoff statement. 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 bankruptcy letter, also known as a bankruptcy notice or filing letter, is a formal document declaring an individual's or company's bankruptcy. 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 Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. The mortgage company paid my current taxes. I failed to claim the homestead. Debtor owns and operates that certain commercial real property located at 333 N. Sam.