diff --git a/lume.lua b/lume.lua
index 61ab0c2..c3cf660 100644
--- a/lume.lua
+++ b/lume.lua
@@ -266,12 +266,13 @@ function lume.hotswap(modname)
       if type(v) == "table" then update(old[k], v) else old[k] = v end
     end
   end
-  local oldmod = pcall(require, modname) or nil
   local err = nil
   local function onerror(e)
     for k, v in pairs(_G) do _G[k] = oldglobal[k] end
     err = lume.trim(e)
   end
+  local ok, oldmod = pcall(require, modname)
+  oldmod = ok and oldmod or nil
   xpcall(function()
     package.loaded[modname] = nil
     local newmod = require(modname)