If two people have signed on a first mortgage can only one of them sign to get a second mortgage?

Answer 1

Generally no, if the lender carries on their business properly. When you grant a mortgage you are granting the lender a security interest in your property. Anyone with an ownership interest in a property must sign the mortgage document.
The purpose underlying the execution of a mortgage by all the owners is that in the case of a default, the lender can take possession of the property and sell it. If two people own the property and only one signed the mortgage the lender has received only a half interest in the property. It cannot foreclose and take possession of the property because one of the owners did not transfer their interest to the lender. There are certain cases where people may become confused and that is when the property owners do not all sign the note.

If two people own the property they must both sign the mortgage. In certain cases only one will sign the note and thereby be solely responsible for paying the loan. The co-owner who didn't sign the note is not responsible for paying the debt. However, if there is a default, the lender can take possession of the property by foreclosure because the co-owner who didn't sign the note did sign the mortgage giving the lender full power of foreclosure.A responsible lender will insist that ALL owners sign the mortgage.

There are lenders who break the rules in order to sell the loan. Those are only interested in collecting the high fees and costs associated with the initial transaction. They aren't concerned with good title if the borrower defaults since the loans are sold soon after the transaction.

Answer 2

Generally, all the owners of the real estate must sign a mortgage so the bank can foreclose if there is a default.