Stripped Bolt - HELP!

[Fikeies]

Installed a stealth hitch today, everything went so smooth until I got to the bolt in this photo on the rear splash shield. Started with fingers, and quarter of the way in with the socket wrench, I lost the resistance and it now spins semi easily in either direction not getting tighter or looser. What to do? Its seemingly not going anywhere but its not how it should be and buggin my OCD. Anyone had this experience? I didn't examine the mounting point to understand what that bolt actually attaches to when the bumper was off so I'm kinda in the dark trying to devise a strategy. Any direction or advice?

 

[rwiegand]

Drill it out and tap the hole for the next size larger screw. Or drill it out and put in a thread insert and go back with the original size screw.

 

[Fikeies]

Thanks, problem with that is that both nut and bolt are both spinning freely with literally nothing to grab on to. Does anyone know what type of nut is in this location?