The release is what removes the lien, which in your case isn't there. 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. Wayne Bank offers conventional mortgage financing with both fixed and adjustable rates available. The mortgage payoff calculator helps you find out. A payoff statement should include the name and address of the lender preparing the statement and be addressed to the lender that requested the payoff. If you're worried about how to get out of debt, here are some things to know — and how to find legitimate help. Curious about gifts of equity or already considering giving one? Lawsuits as the subprime mortgage crisis continues to play out. Prepayment of current FHA Mortgage.