Will getting loan mod thourgh HAMP get rid of PMI?

It is unlikely that the PMI is going to go away. They may rework your payment schedule for a short period to allow you to catch up.

HAMP is only offered through your existing lender.. PMI will not be removed on a modified loan.. When doing a HAMP loan, understand that over 90% of those successful in obtaining a modified loan are NOT happy with the new terms.. Understand that the guidelines are pretty cut and dry.. 31% of your household income for a mortgage payment.. example: You make $2000 a month, your wife makes $1000 and your Son makes $800. Total HOUSEHOLD income is $3800 X 31%= $1,178. If your monthly payment is lower than that amount, you will not be approved for a modified loan.. if your payment is higher than that, then your payment will be reduced to that number. How they modify your loan is also important to note.. first they will extend the terms, ( 30 years to 40).. then they will lower interest rate, and it's even possible you might see some principal reduction.. It could be modified in many different ways, but these are just a few... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

It's likely you will not be able to remove PMI through HAMP. It is unlikely that your lender will remove PMI if they are doing a loan modification.

No, sorry, but payments may be lower.

PMI is not going to be removed thru a HAMP loan mod.