Wavy red lines or red pixelation, not sure what it...

Question

Bought my Vizio 32-inch 10 months ago. Worked fine until now. Now where ever the background is white, there are red wavy lines or broken "waves" of red in white areas of the picture. It is annoying. It only shows up where there are white background scenes. I tried adjusting the colors but to no avail. What is causing this and is there a solution? I so annoyed that this is happening to a practically new flat screen TV.