Recovering from a brake pad fire isn't all that bad. You'll need a new caliper, pads, and rotor. The sway bar link will probably be melted and need replacing. Likely a good time to replace the flexible brake hose.
A more important question is why the brake(s?) locked on. Was it only the one side, or were both having the same problem? If both the master cylinder is suspect - this is a known failure mode. If only one side locked on it's likely the old flexible brake hose acting as a one way valve. In that case it's time to replace all four
Could even be as simple as a stuck caliper piston. If so one of the charred brake pads will be much thinner than the other. It's important to find the root cause lest the problem occur again.
Many years ago my wife drove her 123 home 30 miles on the freeway with the rear brakes locked on. She had to call the fire department upon arriving home.
Surprisingly, the rear wheel bearings survived unscathed. A friend now owns that car; I think it has at least 150K more miles.
- JimY