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Q: Could I have a serious problem from driving through water? on 2002 Ford Escape

Last night we had a lot of rain and our street flooded. My wife and I both drove through the water in seperate vehicles. Mine was the 2002 Ford Escape and she drove our 2009 Honda Odyssey. Neither vehicle stalled and drove the remaining way home just fine. This morning I went out to move the Ford and it started up just fine, but it started to feel like it was idleing really hard. I decided to take it out and try to "blow" out what I thought was possibly water in the exhaust system. It drove fine until I hit the main road. It started to shutter very hard and lost almost all of the horsepower in the vehicle. It stalled many times, but each time started back up ok. It would not drive any more than about 5-10 mph with the accelorator pushed to the floor and sounded terrible. I nursed it home and am hoping that after some time that things will dry out and not cost my too much money. I checked the oil and didn't see any signs of water being in it, so I am kind of stuck as to what it could be. It is also making a sqealing noise from underneath the body of the vehicle if you press on the accelorator now too. What do you think?
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