UIView has a setAnimationDidStopSelector: method which you can use. Simply setup your fade in animation using a beginAnimations block and set the didStop selector to another method which contains only the fade out animation block. Each of these animation blocks can have different animation durations.
Something like this:
[UIView beginAnimations:next context:context];
[UIView setAnimationDuration:0.5];
[UIView setAnimationDelegate:self];
[UIView setAnimationDidStopSelector:@selector(fadeOut:finished:context:)];
myView.alpha = 0.7;
[UIView commitAnimations];
-(void)fadeOut:(NSString*)animationID finished:(BOOL)finished context:(void*)context {
[UIView beginAnimations:nil context:context];
[UIView setAnimationDuration:0.2];
myView.alpha = 0.0;
[UIView commitAnimations];
}