Step 4 - You can try to grasp the loop, or wait, but SLOWLY, release the tension by pulling back (away from the needle) on the device. Slow is critical here, really.
You manually pull the loop of thread back through the needle, using the little hook on the end of the needle threader, or whatever device you like such as a seam ripper.
Viola! It ONLY TAKES SECONDS and you're threaded again. Happy sewing.