Code P0761 Trans. Shift Problems

I am having problems with my transmission on my 96 Taurus, feels like the brakes are grabbing when going down hill, the check engine light was on, had the mech check out the engine and code P0761 - SS3 Trans. Shift Problem was discovered. My brother in law is checking this out (he is a Ford Mech) but till he gets back to me does anyone know what it means. He told me to get Trans oil changed quick like a bunny so I did, my mech told me he found metal pieces on the small magnet that is in the pan. Does anyone know how serious this is?? He did not seem to know this. Thanks for your help

I went into the powertrain control diagnositic manual at my dealer and it explains this code as follows :

Diagnostic Trouble Code (DTC) P0731/P0781 indicates gear #1 incorrect ratio. DTC P0732/P0782 indicates gear #2 incorrect ratio. DTC P0733/P0783 indicates gear #3 incorrect ratio.

DTC P0750/P0751, P1751 indicates SS1(shift solenoid 1) electrical malfunction. DTC P0755/P0756/P1756 indicates SS2 electrical malfunction. DTC P0760/P0761/P1761 indicates SS3 electrical malfunction.

Possible cause:

Internal Transmission
Damaged solenoid
Solenoid circuit open or shorted to power or ground
Power circuit open or shorted
PCM damaged.

There is definitly some electrical diag that needs to be done. Hope this info helps. :sunglasse

Irish30 - you have made my day, it may be an expensive one, but at least I have an idea of where to direct my mech. To have something to look for is better than waiting for it to go to on my while I am driving. Thanks for checking this for me, you are super. thanks again. Chris