A versatile form template designed to facilitate the process of requesting specific information from individuals, organizations, or businesses. 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. 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 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. A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Refer to the following checklists for required documents to open a Business Account in Utah.