Volvo 240 DL Brakes Problem - any ideas?

[Master Volume]

For the past few days my brakes have been screeching a wee bit,
nothing insane, just a little bit. Today as I was driving home, my
Brake Failure light went on and the brake itself kind of sunk almost
all the way down if I'd put pressure on it. I was pretty worried even
though I could still slow the car if needed and it looked like I'd get
home OK, although cautiously. Then about a block away from my house, I
think I went over a bump or something and the Brake Failure light went
off and the brake itself was back to normal, not going down so far
when I put pressure on it. Any ideas what this problem could be?

MV

 

[Mike F]

For the past few days my brakes have been screeching a wee bit,
nothing insane, just a little bit. Today as I was driving home, my
Brake Failure light went on and the brake itself kind of sunk almost
all the way down if I'd put pressure on it. I was pretty worried even
though I could still slow the car if needed and it looked like I'd get
home OK, although cautiously. Then about a block away from my house, I
think I went over a bump or something and the Brake Failure light went
off and the brake itself was back to normal, not going down so far
when I put pressure on it. Any ideas what this problem could be?

MV

Time for a new master cylinder.

 

[Steve W.]

Time for a new master cylinder.

Could also be the vacuum line to the master cylinder is loose/bad.
Also check your brake pads, they sound a little rough.