DMX may be whacked out most of the time ... but he's still crafty enough to beat the bank in the foreclosure game.

Mr. X has a house in Mt. Kisco NY ... worth just south of $1 million. Problem is ... he's falling behind on his mortgage ... hundreds of thousands of dollars, so the bank initiated a foreclosure action.

Truth be told ... the rapper hasn't paid a penny for 1400 DAYS ... since 2008. He currently owes $258,927.

Somehow, the bank hasn't sealed the deal and taken the house back. The foreclosure action is still active ... but DMX is still the owner.

Arizona wasn't as kind to Mr. X. Back in 2009 ... the bank dropped the hammer on his house near Phoenix while he was in the slammer.