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 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. 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. I am trying to pay off my mortgage on a lease purchase agreement and the executor of estate still hasn't told me the payoff? The same transaction is a reverse repurchase agreement. SAFEKEEPING. Mortgage preapprovals are a more substantive.