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. Have questions about your loan? Browse our frequently asked questions to find answers. What is a Payoff Agreement? A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. In a loan reinstatement, you need to find just enough cash. WE SPECIALIZE IN DELINQUENT AND DEFAULTED PRIVATE LOANS Student Loan Refinance For Struggling Borrowers Lower your interest and reduce your total debt.