Check for solutions under the heading brake...I had the same issue and followed some solution to take apart the brake handle and it totally worked. (I'm not handy remotely but was able to complete the task in less than 10 minutes).
Good luck.
It sounds like you are having the problem I had...look for the solution that tells you to take the 2 screws out of the side of the lock handle.
Testimonial: "Thankyou! All fixed and ready to roll again! or not... now the brake works!!"
Remove the center console covering the parking brake lever. Locate the parking brake lever between the drivers seat and the front passenger seat. Put the parking brake lever in the lowest position.
Turn the cable adjuster locknut to make the nut loose. Find the nut at the base of the parking brake lever.
Raise your GT rear wheels using a jack and support the rear wheels using jack stands. Remove both rear wheels using a tire iron to loosen and take off the lug nuts. Take off the tire from the rods by hand.
Get underneath the car and remove the rubber hole plugs from the brake rotors. Locate the rotors on the underneath inside of the wheel wells.
Take off the brake calipers with a screwdriver, but do not disconnect the brake fluid lines.
Use a pry bar to push up on the parking brake self adjuster wheel. Locate this next to the brake caliper and it looks like a star wheel. Rotate this wheel until the rotors will not turn.
Turn the adjuster wheel five notches in the opposite direction. Reinstall the calipers and wheels. Lower your GT using the jack and remove the jack stands from the rear wheels.
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