Can someone explain how Dave Ramsey lost everything?

[Timothy Metra]

I don't understand how Dave Ramsey was screwed over so bad. He was young, had a lot of debt, but had about $1M in equity. He says the banks he went through were bought out and that the new owners wanted the debts paid within 90 days, more or less.

I don't understand this at all. How can you sign a loan on a bank, and then somehow have to pay the lien way quicker than the terms originally agreed to?

The BRRRR strategy seems appealing to me, but it's scary when I hear Dave's story. He doesn't go into super specific details, though. So I'm confused on how he was screwed over so badly.