when i go into time machine, it says "waiting" and cannot be found
Cannot be found.. is the serious bit here.. I think you meant to put it in quotes as well.. Bob missed the second bit.. waiting is needed with any network changes.. but not found means it will never work.
edit
“Cannot connect to a current Time Machine backup disk.”
The rest is exactly what you must do to fix this.. your computer is now using the new modem as router.. and has lost the TC.
When you rearrange the network you always need to reset the routers. Apple routers in particular carry too much info from previous incarnations.
Please do a full reset.. I prefer factory.. so power off.. hold in reset and power on again.. keep holding in reset until the front LED flashes rapidly.. about 10sec. Open Airport Utility and reconfigure the TC.. I strongly recommend using all short names.. no spaces and pure alphanumerics. Passwords same as before but using pure alphanumerics can help with some clients.
No files are lost on the TC when you do this.. but you will have to point Time Machine to the new location.
I recommend STRONGLY setting a static IP on the Internet interface of the TC when you have another router and the TC is bridged.. of late Apple has always recommended direct connection to the TC and running in router mode.. even double NAT.. which is plain wrong. All you need to do is make sure the TC never changes IP. This is done directly via the edit in airport utility and you can swap from DHCP .. its default to Static and all the values should transfer with it.. ie you can keep all the current IP details.
Then mount the TC disk in Finder.. this is to help the computer identify its location.
Go to Time Machine.. Select a new backup target disk.. you will have a chance to delete the current backup disk.. do so.
TM will then start a new backup.. after 120sec.. then discover it has existing backup which it will need to check.. and this is what Bob mentioned in his post.. that check can be very long if done over wireless.. so from iMac use ethernet for sure with wireless off.. and be patient.. once checked TM will most likely just do another incremental.