Thanks for the clarification...Will try power washing the "hubs" like you have suggested.
I am a little confused though, the ABS light and ASC light do not come on while the car is in motion only after it has been parked, engine turned off and subsequently started. If they come on and remain on after the car has been started (still parked) I assume the hubs are stationary so the sensors should sense that the ridges on the "hubs" are not turning, do you still think the problem is related to "dirty/rusty" hubs?
Also, where are the sensors located? How many are there?
Thanks in advance for your help.