As Larry Said, Multiple possibilities here. Time to do some diagnostics.
Question, once the tractor cooled, is the lift working?
Three easy checks to make.
1. Make sure the Draft/Position control lever is in the Position control (horizontal) position.
2. Pull the round plate on the left side of the tractor. The one with the hydraulic dip stick. Start the tractor. Look inside with a flash light and mirror. Do you see any leaks near the cylinder opening. If you can lift, hold up some weight and turn the tractor off and check again.
3. Loosen the pipe plug on the hydraulic pump (just a little) and start the tractor. Do you see any bubbles? (Caution - gets messy, get a catch pan and rags). You may have to loosed the plug a bit more until you see oil, but don't remove it, If you do, you'll need many more rags. If you see bubbles, let them clear, then tighten he plug and check the lift.
These two step can identify the two most common problems. Blown piston O-ring and Piston pump seal leaks.
A third possibility is a broken cam follower pin or broken linkage. Checking that out involves removing the top cover.
Seem strange the lift would stop "all of a sudden" was it normal before it failed. Piston O-Ring and pump seal problems usually come on gradually. A broken cam follower pin would happen all of a sudden - This is my guess here.
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