What year? Do you have an Owner's Manual? If not, there might be one for your year/model in the Library section.
See this thread from 2010 with good troubleshooting info:
http://www.hilotrailerforum.com/f22/wont-go-down-512/
I'd bet first on trash or foreign object obstructing the valve, but that's just a guess.
From my 2808C Owner's Manual:
"Lowering Solenoid Valve - The valve is engaged by depressing the up/down lift control switch at the entrance door or by turning manual lowering knob counterclockwise on the lowering valve. This valve has been preset at the factory for a lowering time of 12 seconds."
Good luck