That sounds exactly like what youre describing, and you need a BCB dealer or other qualified tech to check out the transom for intrusion. Been there, and my scenario was about as bad as it gets in that i had water in the transom, and floatation boxes. I hope you caught this early and can dry it out and re-rig and seal and go your merry way. But get someone who knows what theyre doing to check it out. D.