It sounds like your horse has had an abscess. Normally, when an abscess starts to drain, the pain reduces or goes away. Soaking in Epsom salts will help draw the drainage from the foot. If he is still lame or still has drainage from the coronary band, a veterinarian and/or farrier should examine the foot. Abscesses are fairly common in horses and can originate from various sources, such as sole bruises, puncture wounds to the sole, and damage to the white line. Horses that have had founder/laminitis in the past are often more susceptible since the white line has been damaged. Also, when the environment is very wet, the sole and white line are softer and more susceptible to damage. For this reason, hoof abscesses are commonly seen during periods when the pasture/paddocks are muddy, such as in the spring and fall.

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