It is most likely that your tear duct is swollen. The tear duct is a conduct through which the tears pass until they get to the nose. If it is blocked (which happens relatively frequently), the tears do not have any way of draining, and that is why your eyes water. It stops the eye from cleaning itself properly, which encourages recurring conjunctivitis (red eye, secretion...). On the other hand, the lump is the lacrimal sac, which sometimes gets infected (dacryocystitis) if it does not drain properly. When faced with the symptoms mentioned and once the diagnosis has been confimed at a doctor's appointment, we would advise having surgery to put an end to the irritation and avoid new infections.