My wife and I own our home out right, but we have bad credit, how can we obtain a home equity loan to pay off our debt?

No doubt you will have some difficulty. You will want to work with a local Mortgage Banker/Broker, rather than one of the big banks or national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

I would pull your credit and contact someone when you know what your credit scores look like. I will lend to people in the low 600's, some banks and credit unions go lower then that, but not many.I would contact a few lenders, pull your credit ONCE, and let someone who is experienced in credit rescoring try to help.I am local to you and have rescored many people to help them out. Let me know if I can be of assistance!