Call in a pro.
This site can help with a lot of problems found in and around the home, but in some situations a problem cannot be diagnosed and solved effectively on the internet. Some problems just have to be looked at, and inspected before a proper solution can be proposed.
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This part of the foundation is most likely spreading out a roof load from a sizable portion of the sunroom roof. If the soil supporting the foundation has eroded away, this will need to be rectified some time next year.
For now, get a bag of ready mix mortar, the kind you just add water to, it has sand and cement already mixed in in the correct proportion. Mix up a small amount, keep the water to a minimum so it will stay where you put it and not slump down. Patch the hole. That's all this is right now, a temporary patch.
If the hole opens up beyond such that you feel like it's sort of a bottomless pit, cut a short length of something like a paint stick. Thin enough to push through the hole but long enough to wedge inside when turned 90 degrees. Tie a length of wire to the center so you can keep it pulled tight when you push mortar up against it.
As you suspect, water and freeze/thaw cycles chip away at the foundation over time. There was probably once a innocuous hairline crack there at one point. Water got in there and froze, opening the crack. Repeat dozens of times a winter and over the years you get what you see now.
The solution is keep water away from the foundation. I see you have a gutter system over this area. That is good. The patio sloping towards the house is really bad. Not only does it get into foundation cracks and erode the material, water gets under the house structure and can cause uneven settlement, stressing members in ways that was never intended. Some people think crooked floors in old houses are "charming". In reality it is a sign of an unstable structure. Even if the house stays stable, water can be the source of toxic mold. Water has no place in your house other than inside plumbing.
You need to correct the drainage issue. Ideally, it should slope by gravity away from the house at least with a 2% slope. Another solution, not nearly as good, is to place a sump at the lowest point and pump collected water away. I can't emphasize enough how a natural gravity solution is far superior to a mechanical solution. Sometimes you do what you have to do though.
Combine this with the possibility of needing to correct erosion under the foundation. You my be digging up the patio anyway. OTOH, if the foundation is still properly supported and you correct the drainage issue, your little mortar patch could possibly be considered a permanent fix.
Best Answer
The “J” bolt is required. The size and spacing is determined on where you are located (seismic zone, wind loading requirements, etc.).
This problem is caused by carelessness. That is to say, the anchor bolt was placed too close to the edge of the foundation wall, (and the wall seems to step back which was not accounted for in the placement of the bolt.)
Depending on the load on the bolt, you’ll need a minimum of 2” of concrete cover over the bolt.
Anchor bolts are sized based on unusual and extreme loads...not normal loading. That bolt may be just fine until you have an earthquake or a wind storm. I’d have an architect or structural engineer (not a civil engineer) review it.