the left rear outer surface of the rotor is rusting and the outer pad is thicker than the inner pad indicating that the outer pad is sticking and not pressing on the rotor when braking. Any suggestions on how to correct this? 2001 V70 with 112,000 miles.
You need to rebuild or replace the caliper. I had an '98 V70XC and it had same problem, so I suspect pretty common with Volvo.
You might be looking at a lot of money. New caliper(s), new rotors, and new pads for the affected wheels pretty much means a complete brake job on 2 and perhaps all 4 wheels. The good news is your brakes really aren’t working with much power now. You will have a lot more effective brakes when the job is done.
You are going to be spending a boat load of money on your '01 Volvo and if this repair is pushing the budget you might want to sell the car and move on. My '98 was one multi thousand dollar repair bill after another and that forced me to sell it.