I am an attorney and realtor, and I worked with this identical situation recently. Many of my cloents have poor credit. If you have a good mortgage broker, call him. If not, let me know and I will hook you up with one that should be ablemto help.
Realtor and Attorney
Question: You mention valued by insurance adjusters..... are you referring to insured value? This is usually the "replacement cost" to rebuild, and has little to do with market value. Do to the recession and market conditions, very few homes would sell for the repalcement cost to rebuild. Insurance companies force you to insure for this amount because if it were ever totally destroyed, that is the estimate to rebuild, (minus land value). But market value is usually far lower right now in many areas.
You may find a private lender or a portfolio lender to consider an equity loan. But it would likely be a much lower LTV than a traditional lender that loans 80-95%.
Another option is to sell your home with an agreement to lease it back for a while. This would give you the funds to shop for your new home, without having to move twice.
Let me know if I can help you in Central Fl /Orlando / Kissimmee and nearby areas.
Broker / Associate
REMAX Properties SW