If my mom/dad/parents passed away, can I liquidate their note?
There are many different types of trusts, so check if you are a trustee or have the legal ability to sell the property. Notes can easily be sold by the sole trustee in a normal fashion.
In a shared living trust, a co-trustee has the ability to sell a property with shared ownership on his own, but some buyers require both signatures. Check with the attorney overseeing the trust for more information.
Notes belonging to now deceased parents can be sold, as long as one possesses the legal authority to do so.