Help needed with transmission problem

[doublebubble]

Greetings to all! I'm a new member to this forum, who recently purchased a '96 Explorer, (Eddie Bauer edition) with 105,000 miles on it. My problem is that the transmission is slipping, and is not shifting gears. I put the car in drive and it doesn't catch so I drop it to low 2, and it catches and I put it back into drive. By the time it gets to 3rd gear its not catching. I am able to drive the car, but it's getting worse, and sometimes the overdrive light indicator flashes. Also, the check engine light just came on recently too.

Today I went to autozone and here is what the scanner said:

PO 761

Definition:
Shift solenoid 3 performance condition

Explanation:
detected a mechanical fault with the solenoid energized, valve stuck off

Probable cause:
1. Mechanical condition-solenoid stuck
2. Internal transmission problem

Can anyone help me understand what this means?

Also, I live in Queens, NY and would very much appreciate a recommendation to a honest and legit mechanic who can fix my transmission problems. Thanks in advance!

 

[kwinters2]

According to the ATSG book

The P0761 code is component SS3

Shift Solenoid No.3 Functional Failure

Condition:
Mechanical or hydraulic failure of the shift solenoid

Symptom:
Improper gear selection depending on failure mode and manual lever position.

Sounds to me like the SS3 solenoid crapped the bed.

Cheers
Kinley