You are correct. X and Z home have to be reset. Do you have any manuals for it? Does it have absolute or incremental encoders? For our T42s with absolute encoders X=12.5 Z=14.0
I can tell you the parameter to set, but it won't do you any good if the turret isn't in the home position.
I'm just a programmer, but I've reset home on our absolute encoder lathes many times. If your Cobra has absolute encoders, I can send you (or copy here) the procedure to reset both homes.
I've never had that alarm with lathes having incremental encoders, but assume the method would be the same. Did have the same alarm for the turret on a Takisawa recently when it got a battery change. Simple to fix.
EDIT: Just noticed this was your first post. Welcome to the forum. There are a lot of guys on here much more knowledgeable than I. Especially when it comes to maintenance. Maybe one of them will see this thread, and offer a suggestion or two.