Re: Major Damage to Sterndrive Past Weekend - Need Input
The trim/tilt systems on Mercs is of a breakaway design. If you hit something below the waterline it breaks away and your transom doesn't. Odds are it was half way up before you lifted it to inspect it.
Get out your manual and locate the manual release. Operate it according to the manual and the unit should come down. Worst case would be a few blown seals which any competent hydraulic repair shop can replace.
After that just find a replacement rebuilt lower unit. You shouldn't have to replace the entire outdrive.