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.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. Browse our self-service options and most frequently asked questions, find the nearest branch or ATM, or get in touch with us directly. (ii), trustee fees; or. Lender Name; Customer Service Address; Lender Phone Number; Mortgage Account Number. Student loan debt relief companies might say they will lower your monthly payment or get your loans forgiven, but they can leave you worse off.