JUST PURCHASED A HUSQVARNA YTH2042XPT 2006 MODEL. AFER 30 MINUTES OF MOWING THE HYDROSTATIC DRIVE STARTED TO MAKE GRINDING NOISES AND IF KEPT DRIVING 10 MINUTES LATER THE MOWER LOST ALL POWER TO ITS WHEELS AFTER 1 HOUR COOL DOWN WAS GOOD TO GO AGAIN FOR AT LEAST ANOTHER HALF HOUR BEFORE PROBLEM CAME BACK AGAIN.

ever check the fluid level . they do not like air .

Hydrostatic Drive Problems?? - GardenWeb

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May 30, 2006 - Hydro-Gear Transaxle:218-3010L I got this tractor as part of the deal when I ... After spraying the heck out of it and pressing the brake pedal down several ... I pull on the handle in the back and it moves the lever but still won't move. ..... while in the air and turning the wheels with the transmission engaged? mtd lawn tractor wont pull hills
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HYDROSTATIC TRANSMISSIONS - Small Engine Information

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Best thing I can recommend is to carry it to a trusted repair shop for them check it out for you.

Sound like governor control came loose or the governor self destructed. Without the age of the mower don't if the warranty will cover the repairs but the engine will need at least repaired if not replaced.

Interesting! Try seeing if it will run without the fuel tank cap on. There is normally a small hole to let air in as fuel is used, if this gets blocked the fuel will stop running from the tank. You probably won't be able to clean it well enough so a replacement cap shouldn't be too expensive.

first i would check the belt tension also check the belt for oil is so look for the cause of the leak the repair the leak and replace the belt

Hi, remove the battery and battery carrier and clean all grass and debris from the hydrostatic drive, cooling fins and fan. I'm not sure what transmission it runs but the solution applies to all. Hope this helps, regards Phil.

Hi, remove the battery and battery carrier, clean all grass and debris from the hydrostatic drive, cooling fins and fan. Your problem is most likely the hydrostatic drive over heating. Hope this helps, regards Phil.

Hi, the hydrostatic drive is most likely over heating. Remove the battery and battery carrier, from here you can clean all grass and debris from the hydro cooling fins and fan. Hope this helps, regards Phil.

If the main drive belt, from the engine to the rear end of the tractor broke, you won't move, nor will you hear a whining or grinding noise!
An easy check- inspect if each rear wheel has a key installed between it and the axle shaft. One pops out- it won't drive.The key is a square piece of hardened steel that is inserted into the axle, then the wheel hub is slipped over it and the axle, then the necessary fastener is installed to keep the wheel on. This could be either a bolt, or a spring clip. And, if the transmission has failed, you may or may not hear any whining or grinding noises!

My guess it the drive belt is toast as you said it was smoking, look at it and the order a new one. Here is a site you may be able to download a manual, Tim:

http://www.searspartsdirect.com

If it has a hydrostatic transmission, then it is going bad.