According to court docs filed in New Jersey ... Burress and his wife Tiffany stopped forking over mortgage checks on their 5,500 square foot pad back in July 2017 and the bank is looking to collect.

Property records show Burress and his wife bought the home back in 2005 for $1.5 million.

Now, the bank is demanding Plaxico and his wife pay the full balance on the home -- around $700k -- or they'll seize the property.

Interesting considering Plaxico reportedly made more than $29 MILLION during his NFL career.

Just a few years ago, Plaxico got into some trouble with NJ tax officials after he fell behind to the tune of $48k. He eventually paid that money back and avoided prison time.