'96 Chrysler Concorde Squealing... HELP PLEASE!

As I pulled my car into the garage tonight and put it into Park, I realized the ABS light was on as I opened the door. The car was still on at this point. I then heard a squealing coming from the front of the car. I think the lights surged whenever it would squeal (about every 10 seconds maybe) I began to smell that something was getting hot in the front of the car and quickly shut it off. Anyone with a similar experience or suggestions as to what the possible source of this could be? Any help is much appreciated!

Also- Checked both my anti-freeze and oil and neither were dangerously low

My first guesses would be a badly worn/old accessory/serpentine belt that is slipping a lot. My related guess would be that one of your pulleys that the belt runs on has seized.

I would have someone start the car while watching the belt.

What did your temp gauge say at this point?

What does the “in Park” part of your subject line refer to?

Agreed, it’s likely a worn belt. The car is safe to drive for a while until the belt snaps.

cigroller- The “in Park” refers to the fact that I didn’t notice any type of noise while I was driving it. The noise began as far as I can tell when I shifted it from drive into Park. The engine felt HOT when I popped the hood but when I put the key back in and turned it slightly to see my gauge readings the gauge only read at about halfway up. I once was having an anti-freeze leakage problem a couple years back and in that instance the temp gauge shot WAAAY up while I was driving. My temp gauge didn’t read unusually high on my drive home. Is this an expensive thing to fix if it is a belt? Thanks to both of you for your assistance.

Another possible trouble area is the idler pully for the serpentine belt tension has a worn bearing.