Eric, BPO stands for Broker Price Opinion which is an estimated sales price for 30 days, 60 day and longer, similar to an appraisal. PMI stands for Private Mortgage Insurance, which protects the Mortgage lender in case of default. The difficulty in a short sale is that there must be agreement on slaes price by the Mortgage owner, the servicer, and the Insurer. Now you compound that with two mortgages and even more so today because the mortgage has been probably been sold off in an investment package that has a Trustee that must follow the guidelines of the trust agreement. Simply put it is a mess to unwind.