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.The purpose of the letter is to describe why the borrower may not be able to make their mortgage, car loan, or other debt payments. Loan Guaranty Eligibility - Unmarried Surviving Spouse. This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. Create a Loan Payoff Letter online and download it as a PDF or Word document. Customize and print a blank Loan Payoff Letter for free. Complete the form with your mortgage account details. Your best option in certain cases is to submit a financial aid appeal letter.