You likely have the Peerless 205 transaxle. You can verify this from the tag on the transaxle itself. There is a service procedure for these that a quick search would turn up. The success of the service may depend on how lond the machine has had its challenges As if the oil has burned and failed, there may be damage done. Of course, the standard stuff applies about brakes not dragging, drive pulleys not split etc.

Gotcha..what would I look for on the tranny? Is it a number/letter sequence, or does it have the brand name of Peerless on it?

In the 10 years my father had it he only mowed with it..little less than an acre and no extreme hills. Never was used for plowing or pushing/pulling stuff either.

I know when he had the drive belt changed the fellow checked the pulleys and everything was okay in that area.

If it were me on this particular tractor, after checking the the brakes to ensure the mechanisim is free- I would drop the deck and have a look at the belt tension, idler pulleys and then turn my attention to the engine drive pulley. The upper pulley on these split sometimes so then the belt is driving from the bottom. It is a possibility that the driven pulley on the transaxle is worn too. Some Murrays, the steering shaft needs to be lifted out to get the belt on. I've seen where belts have been put on rubbing on the shaft a couple times. You want to know that you have solid input to the transaxle.
The description does sound like an internal transaxle issue, but cover your bases first. If all else is good, pull the transxle and clean it up real good and get back to us with the specs. The numbers of which you seek will be on the tag. Certainly the tag is still there! If not, search for the 205 write ups w/ pics of the bellow kit install and you will likley have a match.

Follow the forward-reverse rod that the foot pedal actuates all the way to the trans.

Behind the left rear wheel you'll see the lever that the rod connects to. The lever is attached by a 6mm bolt and that bolt gets loose. The results is less forward go.

If the bolt is loose, remove it and clean it. A dab of Loc-Tite and screw it back in to the correct torque. Careful, it's a little bolt and EZ to snap.

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Good catch plus a pic!

I chased that problem on my Scotts (by Murray) for close to a year... drove me N*U*T*S.

And that can exactly cause the op's issue. I've only had one, and hoped for more I may add. Good call. I hope this makes this go away for him.

Yea, it's hard to catch cause at first the slowing forward motion is subtle and hard to recognize. Then as the bolt loosens it gets worse so you look first at the drive belt and idlers and tensioner.

Over the years a number of people have complained on the forums and in every instance but one the bolt was loose. The odd case out had actually fried the VST cause the fan was packed with dirt and it overheated.

If a VST is still operating there's a bellows and oil kit that can (sometimes) work wonders rejuvenating that non-serviceable trans.

The disc brake on the RH side of the trans dragging is a common problem that is easily solved.

Well, you guys are about a year too late with that fix! I bought a really nice Murray lawn tractor that wouldn't move very fast, for $50, for parts. It was a good investment for me, as i have got lots of good parts off of it. But, i could have maybe solved the same problem, right after i bought it! Oh, well, i'll save that for another one. RJ

Rusty, that fix has been on this forum since at least 2006 and a search for Scotts trans will get you there.

Thanks for the pic. I'll have to check that out in the next few days. I know my father had the drive belt changed this summer/fall and the pulleys inspected, which didn't help any.

Alas, I won't be mowing my lawn for about 3-4 months..darn New England winter!

OK, I checked the bolt on the linkage and that was tight. Check.

I pulled the battery out and I have the Tecumseh transmission on this beast.

Above the tranny, there is a belt of some kind that appears to be loose. What is this belt? Could this be my issue?