This could be a serious structural problem that won't be fixed by patching and it would be wise to have a structural engineer (or at least a specialist who doesn't have a financial interest in the outcome) look at this now. If you patch now and it doesn't resolve the problem, more damage could occur that would make the situation more serious and more expensive to fix. Maybe it will be a fairly easy fix; but, if it's not, now -- not later -- is the time to find out. In an extreme case, a deteriorating foundation wall can result in a house settling, things getting out of plumb, cracks in walls, etc. Better to prevent than fix...

Many thanks for the advice--I think we'll have someone come in and take a look at the basement. Certainly would like to avoid an exacerbated situation! Thanks.

ku9296 -- what ended up happening? I have the same problem . . . .