The chances of fixing the modem are not good.
There is probably a line coupling transformer between the modem chip(s) and the telephone line. You may have blown the windings on that transformer.
If the transformer is OK, it is possible you blew the line drivers/receivers that are connected between the transformer and the modem chip(s). These I/O drivers/receivers may be integrated into the modem chip(s).
The PC side of the modem chip(s) could indicate proper operation, but the line side could still be toast. The same symtoms happen frequently after a lightning strike on a telephone line.