I would fix the leak and then replace the underbelly. The underbelly of my trailer was sagging by the black tank due to a leak, which turned out to be 15 ft behind the black tank. Each tank was wrapped with fiberglass insulation, which was soaked. I ended up slicing the underbelly in multiple spots in order to get access to the underside. I replaced the insulation and the sagging sections of underbelly. I bought a few 4 x 8 sheets of black Coroplast from a sign shop. They were about $15 each. I did have to add some structure underneath in order to have something with which I could attach the Coroplast.