ALLEN IVERSON ON THE VERGE OF LOSING ATLANTA MANSION

Iverson got some worries...see kids this is a cautionary tale of A.) nothing last forever and B.) learn how to save...because nothing last forever.  Former NBA star Allen Iverson isn't just gonna stand by and watch while his Atlanta mansion hits the foreclosure auction block -- TMZ has learned he's already filed legal docs to put a stop to the sale.

TMZ broke the story ... Iverson's $4.5 million mansion was scheduled to go up for auction on December 4th after he allegedly defaulted on a $1.2 million mortgage.

But before the sale took place, Iverson quickly filed a lawsuit against the lender that's trying to take the home, claiming he never consented to the loan.

Iverson claims his estranged wife -- with whom he's going through a nasty divorce -- signed for the mortgage in order to screw him ... by agreeing to financial terms he couldn't meet.

The lawsuit has since put a hold on the foreclosure proceedings ... buying Iverson some extra time.