‘Golden Bachelor’ Winner Theresa Nist Bankruptcy and Foreclosure Revealed
Golden Bachelor winner, Theresa Nist, fell on hard times during her previous marriage and lost a $200k home in a bankruptcy. Theresa is set to wed Gerry Turner, 72, this week, after the show’s November finale featured the couple getting engaged.
Theresa Nist was married to her late husband Bill, who died in 2014 at the age of 63, for 42 years. The couple endured financial hardship midway through their marriage when they filed for bankruptcy, in 1991. Theresa and Bill, who had been married for 19 years at the time, lost their home a year after the filing, when their son, Tommy, was a teenager and their daughter, Jen, was six years old.
According to The Sun, the Chapter 7 bankruptcy was handled by a New Jersey bankruptcy court. A Chapter 7 is usually used by low income earners struggling under the burden of outstanding credit card and loan payments as well as medical bills. A trustee is appointed by the court to sell off assets in order to pay priority creditors, until the court allows any remaining debts to be discharged. Property is exempt in the asset assessment process.
Theresa and Bill were hit with another financial setback when their mortgage company took them to court. The legal action led to the pair losing their Cranford, New Jersey home. The couple had acquired the home for $190k, borrowing $168,700, in May 1988. In March 1992, the Union County Sheriff ordered at the New Jersey Superior Court that the property be transferred to the Federal Home Loan Mortgage Corporation for $100, via a “writ of execution,” to cover the couple’s $196,182 debt.
Theresa was hit with a federal tax lien for $8,246, two years later. The lien was discharged in November 1995. The couple financially bounced back a few years later and were able to buy a $239k Cranford, New Jersey home, in October 1999. They sold the property in December 2002 for $336k. They made a $48k profit on a house they bought for $237k in January 2003, and sold eighteen months later.
Theresa lives in the Shrewsbury, NJ home she and her late husband purchased in September 2009 for $311k. The three bedroom/one bath, 1152 square foot house was built in 1953.
Theresa took out four mortgages on the house over the years, the first for $254,900, which was paid off a year later, in August 2010. A second loan for $249,600 was discharged in January 2013. A year before Bill’s death, the couple took out a $240k mortgage and Theresa took out yet another mortgage for $200k, in September 2018. She paid off the loan in September 2020.
Gerry resides in a Hudson, Indiana lakeside home valued at $637k. He purchased the four bed/three bath property in June 2020, three years after the death of his wife, Toni.
Gerry and Theresa will tie the knot on January 4. The nuptials will be live-streamed on ABC.
Olivia Davis is a Staff Writer at All About The Tea. Olivia’s hobbies include binging Netflix series, and watching Housewives on Bravo. She graduated from San Francisco State University with a degree in History.