HELOC help with no mortgage

[Andrew Granberry]

I recently paid off my home, although I still owe taxes on it, there is no mortgage. Regardless, I am still not able to obtain a HELOC or a loan because of a judgement on my credit report, i actually own four homes with no mortgage but cant get the equity because of my credit. I plan on using the funds to invest and clear up debt (including the judgement) but no banks nor my personal credit union will touch me. Is the only way around this to wait the time it takes for the judgement to be paid and fall off the report? I am confident in my ability to invest in my market and would like to get in now!

[Stephanie Medellin]

@Andrew Granberry I don't really work with HELOCs, so I can't say I'm familiar with the guidelines, but with a conventional cash out refinance you should be able to use the loan proceeds to pay the judgment, assuming your credit score is high enough to qualify and you have enough equity to pay the judgment in full. You could also try a cash out FHA refinance if it's your personal residence, which would allow you to qualify with a lower credit score.