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Washing machine makes loud noise and burning smell on final spin?

I have an LG washing machine model WM1814CW. It has been working great for 10 years with the stackable gas dryer on top. A couple of weeks ago it started making a loud noise and burning smell during the final spin. Has it had it day? I called a couple of repairmen and they said it sounds like the drum bearings. Need to replace the machine. Is this correct?
Natalie, January 2017
I would suggest you have a look at the door seal where it contacts the drum rim. May be that the rubber has started to dry out or gone squidgy and causing the friction to make a racket and warm up causing the smell when the drum is rotating at it's fastest. There will be a clip or spring inside the door under the rubber holding the seal in place to the machine body, un clip this and flip the rubber over and take a look at the contact area to the drum. If anything looks iffy replace the seal, not a difficult job and cheaper than drum bearings.

Tractormanclive, January 2017
link Click here to see other fixes for LG.