A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Creating a payoff letter is essential to any loan or mortgage repayment process.Our free templates and this guide can help you get started. You can also email this information to my loan officer. I understand this request can take 3-5 business day to complete. Get help paying your mortgage. If you know you're not going to be able to keep up with your loan payments, you might be better off selling the car yourself and paying off the debt. Complete the Release Documentation. Letter Mortgage Sample.