I have filed for chapter 7 bankruptcy. I am also trying to get my first trust deed modified (closed business last year). Will the chapter 7 strip the second trust deed if I want to remain in the home?
No. The Chapter 7 bankruptcy does not strip the deed of trust. You can only lien strip in a Chapter 13 (or 11). You can not lien strip in a Chapter 7 under the 1991 US Supreme Court case of Dewsnup v Timm.
But the chapter 7 discharges your personal liability after foreclosure.
Chapter 7 Bankruptcy Attorney
One other possibility if you cannot propose a viable Chapter 13 or wish to avoid it, is to try and negotiate and settle the second deed of trust.