Can I get a home equity loan with a credit score under 500?

My husband and I own our home free and clear and have been having trouble getting financing because of our credit score. I am guessing that our home is worth approx $125k, I am guessing. (our neighbors said theirs actually appraised for quite a bit more) We would like to borrow $50k-$80K to pay off unsecured debt... show more My husband and I own our home free and clear and have been having trouble getting financing because of our credit score. I am guessing that our home is worth approx $125k, I am guessing. (our neighbors said theirs actually appraised for quite a bit more) We would like to borrow $50k-$80K to pay off unsecured debt and clean up our credit. Will this even be possible?
Update: The only reason why we are here is because, our family business went under and we are trying to get back on our feet. The high intrest on our credit cards is making it impossible to pay them, after such a dramatic change in our families lives.
7 answers 7