Apparently, a "project manager" (whatever that means) in Platteville CO doesn't make too much money. Assuming 126,000 at say 8%, monthly payment based on 30 yr amort. is $924.
Of course, there is no mention of other debts, car loans, etc.

Sounds to me like he got a no doc loan at below market rates, and added interest to the back end. IOW, he was a marginal borrower at best who rolled the dice and they came up snake eyes) Now, he's screwed because he can't afford the payment. Is there an SUV in his driveway? (Wouldn't want to take that bet)

Fortunately, it's his residence and Congress gave him some relief last year on the forgiveness of debt = taxable income issue.

Live and learn.