Do you need a loan payoff request form? Edit, sign, and share 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. In obtaining the payoff demand statement, sellers can better assess whether the liens are valid or whether they have already been satisfied. A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. In the event that you cosigned a loan, a lender will want an explanation letter ensuring that you are not the one making the payments. Looking to make a loan payment, request a loan payoff, correct a duplicate payment, or get answers to your general loan questions? You're in the right place.