If you have rights to an equity in the form of (first, second, or wraparound) mortgage notes, trust deeds, or real estate contracts, you can certainly convert it into cash rather easily.

Owner-financed notes that are secured by mortgages get routinely reassigned and resold through discount brokers and factoring companies.

Therefore, if you have sold a real estate property recently and holding equity in it in the form of an owner-finance mortgage note, you can certainly cash it in for its fair market (but slightly discounted) value at any time.

Regardless of whether you wish to do so because you need cash quickly, or because you wish to reinvest it in another real estate property, you will find that converting such mortgage notes and loan portfolios into cash is usually not anymore difficult than what is involved in getting a second or third mortgage.