A non-linear modulation of bending waves in a metamaterial mass-in-mass lattice model is studied. Various kinds of non-linear wave modulation are obtained using a harmonic boundary excitation. It is shown, that these waves can be described by an asymptotic simplification of the equations of motion resulting in a non-linear modulation equation for the displacements. Exact periodic traveling wave solutions to the equation demonstrate a dependence on the sign of the equation coefficients or the elastic parameters of the original model. Dispersion relation for the carrier part of the solution is obtained as a function of wave number versus frequency, it is found how its solutions relate to the acoustic and optic branches and the band gap. This form of the dispersion relation is further used for a description of numerical results on the wave modulation by a harmonic boundary excitation.