I had the same problem with mine quite a few years ago. I used
Rust-Kutter from Tractor Supply. Just spray it on, let it sit, and then paint right over the top of it. No need to rinse it off. Just make sure you wear a good breathing mask when you apply it while under your rig as the fumes are quite strong and can be harmful. A mask used by spray painter works well. It converts the rust to a black preventive coating that is paintable.
I have not had to re-do my trailer at all and it has been about 7 years since I used it.
Barney
2004 Sunnybrook Titan 30FKS TT
Hensley "Arrow" 1400# hitch (Sold)
Not towing now.
Former tow vehicles were 2016 Ram 2500 CTD, 2002 Ford F250, 7.3 PSD, 1997 Ram 2500 5.9 gas engine