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Second Mortgage and 401(k) Loan Bakersfield CA

I have thought about taking out $50,000 out of my 401(k) to pay off my second mortgage. My thought behind this is that I will be paying myself the interest rather than the bank. I have calculated what the payment would be and can afford this. Why does this sound too good to be true? You may be able to get a better interest rate, but that's the only good thing about the idea, says the Debt Adviser.

Gillet Phillip Jr Attorney At Law
(661) 323-3220
1705 27th St
Bakersfield, CA
 
McKnight Law Offices
(661) 325-5977
305 Truxtun Ave
Bakersfield, CA
 
Berry Wm Todd-Attorney At Law
(661) 716-5555
1800 30th St Suite 330
Bakersfield, CA
 
We The People
(661) 835-9491
2400 Wible RD
Bakersfield, CA
 
Bell R Scott Law Office
(661) 322-9500
1412 17th
Bakersfield, CA
 
Bell Scott R - Attorney At Law
(661) 322-9500
1706 Chester Ave #402
Bakersfield, CA
 
Donald C Duchow Attorney At Law
(661) 328-1826
1412 17th St Suite 351
Bakersfield, CA
 
Scully Cynthia R
(661) 665-8802
100 H St
Bakersfield, CA
 
Consumer Credit Counseling
(661) 324-9628
5300 Lennox Ave
Bakersfield, CA
 
McKnight Law Offices
(661) 325-5977
305 Truxtun Ave
Bakersfield, CA