Terrell Owens -- Facing Foreclosure ... But Desperate to Sell First

Terrell Owens and his San Fernando Valley house are parting ways one way or another -- either he's gonna unload it, or his bank is gonna snatch it so they can sell it.

According to recently filed documents, Owens is in default -- the first step toward foreclosure -- on the 4,250 sq. ft. home, and still owes $905,417.06 on the place.

Owens and his estranged wife, Rachel Snider, bought it in January 2014 for around $2.2 million. The exes put it on the market in June for a little more than the purchase price, but so far ... no takers.

T.O. tells us he stopped paying the mortgage since he's selling, and the bank gave him an extension to give him time to get a deal done. Indeed, the docs say he's got 90 days.

He made a ton of clutch scores during his career -- it's time for one more.