Jermaine Dupri's giant Atlanta home is safe ... for now -- because the music producer successfully rescued the place from foreclosure auction this week, after allegedly failing to pay $193,000 in mortgage debt.
Dupri's home was scheduled for auction September 4th -- after Dupri's bank claimed the rapper failed missed $193,404 in payments on his mortgage.
Dupri filed an emergency motion in response, asking the court to block the auction, claiming he only owed $89,901 ... and he paid the bill in full by the time he filed the motion.
The house was yanked from the auction at the last minute.
Dupri’s lawyer, James Kane, tells TMZ, "There was no foreclosure sale of the property ... We are presently working with the lender to reconcile our disagreement over the [mortgage amount due]."