Hi,
You need to dismantle your receiver and servos and wash them in clean water then let them dry normally, there will be some mud/dirt/corrosion encrusted somewhere on a pcb causing a short. I also use a very soft wire brush (toothbrush size) to gently clean teh solder tracks on the underside.
Your r/c gear should survive, mine always has after a sinking, thankfully only happened 3 times. 1st was a Tamiya Grasshopper R/c car that got damp and plunged into a flooded river about 1983. :-[
2nd time was fast electric boat racing at Eastnor show in 1991 or 2, someone put a faulty boat into the race and it rammed and sank mine when his prop chewed through my hull. Boy was I >:(
Last time the keel split on my 590s was also 1992 and the yacht sank very quickly. Still using the fast electric radio gear from the fast electric and that is 15 years on.
Clive :)