You will need different attorneys in different states depending on where they are licensed.  

We add up the scores and get a total score that reflects the level of risk the applicant presents.

Depending on the valuation on the other property, you may be able to pull a HELOC on that one as well to get your $100k you're looking for.

As for your ques if to wait, well, it depends on the market, in some parts of the country prices are still going up, slower, but still going up, other parts the prices are coming down, you know that area, what is happening there? 

Any local bank that does this kind of financing should be able to approve you as long as you have a good enough credit score and never declared BK.

@Keith AngellFrom my experience, both a HELOC and refinancing have their advantages depending on your goals.

HELOCs on rentals are rare, and depends on where you are located.

Financing depends on your scenario and what type of property you're purchasing.

Both options have pros and cons, and the right choice depends on your lifestyle, experience, and long-term goals.

It could be possible to still negotiate a purchase depending on the stage of foreclosure it is in.