The following simple steps will make you able to do this.
In the first Modal ViewController, you can declare a function like 
- (void) setUpdatedValueWithValue: (NSString *) newValue
{
    self.objTextField.text  =  newValue;
}
Declare this function on the header file too, so that we can access it from the other class.
In the second Modal ViewController
SecondViewController.h
@interface SecondViewController : UIViewController
{
     id    objFirstViewController;
}
@property (nonatomic, retain)   id   objFirstViewController;
@end
SecondViewController.m
@implementation SecondViewController
@synthesize objFirstViewController;
@end
Before you present the SecondViewController pass the object of FirstViewController to SecondViewController like,
- (void) presentSecondViewController
{
    SecondViewController    *objSecondViewController  =  [[SecondViewController alloc] init];
    objSecondViewController.objFirstViewController    =  self;
    [self presentModalViewController: objSecondViewController animated: YES];
    [objSecondViewController release];
    objSecondViewController = nil;
}
Then, in the function you are calling to dismiss the SecondViewController after the value edit you can do like,
- (void) finishEdit
{
    if([objFirstViewController respondsToSelector: @selector(setUpdatedValueWithValue:)])
    {
        [objFirstViewController performSelector: @selector(setUpdatedValueWithValue:) withObject: editedTextView.text];
    }
    [self dismissModalViewControllerAnimated: YES];     
}
Hope this helps.