We recently purchased a home that was built in 1958. Our bath room has a tub/shower combo. It has a 3 handle faucet.
Our issue is that you turn on the water, both the hot and cold taps to get the correct temperature and after less then a minute or two you hear a lound "clunk" and the cold water shuts off, the end result is you get scalded.

In order to keep from getting scalded you have to turn the faucets on wait and once you hear the "clunk" you turn the cold up to adjust the temperature and wait again. The faucet does not move, the water just shuts off.

This is a waste of water. Not to mention the scalding is not very fun!

Any suggestions on what may be the cause?