Connection timed-out means the mail server cannot be reached. There could be a few different reasons that it can't be reached. Here are a few things to check:

1.) If you have a server hosting provider, check with them to make sure they didn't enable some sort of firewall that blocks connections on the SMTP port (port 25 usually).

2.) Try checking all your file and directory permissions. If all your file and folder permissions are set to 777 they won't be able to access the SMTP config. Reset the permissions of all the files to 644 and the folders to 755 .

3.) If you run your server in-house, check your firewalls to make sure you are not blocking ports needed to run an email server (110, 25, 587 etc...)