The gear does not select when the engine / gearbox gets hot on 1998 Chevrolet Blazer

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When the engine / gearbox of the vehicle is cool and the vehicle is moved, the gear selection is okay at the initial instance but when the car engine / gearbox gets hot, the ABS light on the dash board gets on , the gear no longer selects but maintains a steady gear and makes heavy noise when you throttle down.

Please can one tell me what could be the problem and how to resolve it. (
The vehicle model is 1998 Chevrolet blazer LS ( SUV )

(1) Answer