This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,.The City of San José processes requests for payoff demands of existing homebuyer and home repair loans, and affordability restrictions (i.e. 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. Once completed, note the SST number and come into our office to finish the process. Tell your creditors what's going on, and try to work out a new payment plan with lower payments you can manage. 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. Down payment assistance to purchase a home within Santa Clara County.