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Hi Im David. your brakes are what??? if the pedal goes close to the floor and you hear a screeching noise, chances are you need new brakes and rotors.
check the pads and rotors. then depending on their condition we will go from there with a game plan
ok. look at the brake fluid reservoir, if its a 2 chamber one, make sure both are totally full then we can go further
ok. break open the bleeders on both rear wheels, pump the pedal see if anything comes out on either one
if not then we might be looking at a proportioning valve issue
no leaks? then un do the rear lines at the proportioning valve and see if fluid is getting through it
is it getting through when the pedal is pressed?
is it a decent stream of fluid?
look undr neath the vehicle, follow the lines back to see if anything is kinked.
are there drums or rotors on the back...guess i should have asked that a while ago.
my guess since its a 86 is drums
ok lets see if we can get fluid to the back by bleeding the brakes. do you have someone who can pump the brakes while you open the bleeders?
it is very possible of have air in the system. if its lots of air it will take a few times bleeding them before you see any signs of fluid. if the fluid is coming through the proportioning valve ports for the rear brakes and there are no kinks in the lines or hoses, its either air or both bleeders are blocked or both wheel cylinders are bad. thats it.