Ford Repair: 87 Taurus AXOD Transmission, ford tauras, wheel bearings

Question
I own a 87 Ford Tauras with a 3.0 L engine and a AXOD transmission. The car had a bumping noise up front when driving around 35 mph+. So we found what appeared to be a loss CV joint on the right side next to the transmission, but it is not the CV joint. There seems to be alot of up & down play where the axle goes into the transmission . The car runs and shifts good and there is no noise in the transmission. What can i do to fix this ?

Thankyou for your help
             Michael

Answer
Hello and thanks for the question...I'll try to help.
 Are you able to place the vehicle on jack stands and check the wheel bearings? Also, a little "slop" is Ok, as long as there isn't a fluid leak there. Other then that, I would suggest that you bring it to a transmission shop for a look and or repair.
Hope this helps,
Erik