the exact description happened to my 7040 a few hrs out of the factory. if you are mechanically confident, remove the clam shell cover on the shuttle shifter on column. there are adjustments for forward & reverse travel (if hyd, not sure re: synchro shifter, but probably similar). the travel should be equalized in either direction....my guess is that it is not fully adjusted for reverse (too much forward)....i would get a helper to spot you as you make adjustments and try it....it is an easy fix with proper adj. a matter of equalizing travel for proper valve flow...... let us know