From a personal experience I had some years ago, I would doubt your brakes have soaked enough water to give you this kind of problem, I think they would have failed first with the water boiling off and your foot pedal going to the floor with a smell of burning to follow. Brake rotors should never glow red hot, unless you are poling a Formula 1 race car around a circuit ! I guess here you have a case of a piston sticking causing a permanently dragging caliper and pad. Alternatively, have a look at the calipers with the wheel removed and see if they are free to slide in their mounts inboard to outboard, if the design is of a single piston type, they can often seize . . Good luck

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1993 190E 2.0L (Euro.) sold
1991. 500 SEL (Euro.)
1991. 300 CE (Euro.) sold
1993. 500 E (U.S. spec.)