if it has fallen into the pan then the only way to get it out is to drop the lower pan. Sorry dude.
A tap may have just cleaned the stock threads and pushed the rest of it inside the pan. If it hasn't then use a T handle and go slowly with the screw extractor. DO NOT hook it on to a drill. Screw extractors are made out of the hardest stuff on earth. They are very very brittle. If you break one, you are super ****ed. I'm sure that will be edited out but seriously super ****ed. Like mountain of dicks style.. You're running out of things to do before than pan has to come off. Be gentile. No magnet is going to "unscrew" it so unless it's just chilling out up there you'll need to get it with a screw extractor. HF sells a screw extractor kit. http://www.harborfreight.com/12-piec...set-40349.html. You want to insert one of those Spiralling extractors into the hole and turn counter clock wise with a T handle. You'll feel it "catch" inside the plug. Then take the t-handle and spin the plug out. Do NOT force it. Don't be afraid to stop and reseat the extractor if the drain plug quits coming out.
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