Bank has taken possession of housing property
Recently a NBFC has taken possession of our housing property as a result of our inability to repay the debt amount. The loan was taken many years ago but because of our account getting transferred between banks for years due to insolvency of original bank from where we had secured loans the case went on for years. Finally they got an order from DRT to take possession of the house. We had appealed in the DRT but lost. Now bank has taken the possession of the property. My question here is, we are arranging the funds to repay the loan but the loan amount is much higher due to interest stacked up from years. Is there any possibility of bank negotiating with us and settle for a price less than borrowed amount, or at borrowed amount or a little bit above that if we agree to pay in a single installment? And can any lawyer or any other professionals can help in this negotiation? Or is there any legal action we can resort to , to get the possession of the property back on temporary relief while we manage for funds?
Any help is really appreciated.