Bad Credit – How should I mortgage (get money out of) my house?

I have pretty bad credit (480s probably) … its all silly stuff/education that added up – about $ 10,000 worth.

I own free and clear a residental/commercial property with a large house on in – been fixing up the house. I have a rebuild letter from the city, so it can be financed as a regular residental home mortage or whatever. (Being its residential/commercial propery, if it burnt down – the town would only let commercial buildings be rebuilt – but with a rebuild letter – it can stay a residental or whatever I want)

It was valued by the realitor at about $ 125,000 (and I owe nothing on it) – I would like to get a loan for $ 60,000 to pay off all my debts and put the rest into the home…

How can I accomplish this? What companys would do this? What type of financing should I do (mortage, equity??) ..

I am self employed – 2 yrs on the job

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