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JaMarcus Russell -- Oakland Mansion in Foreclosure

3/3/2011 3:02 PM PST

JaMarcus Russell -- Oakland Mansion in Foreclosure

JaMarcus Russell -- widely regarded as the greatest bust in NFL history -- is in danger of losing the $2.4 million mansion he purchased after signing with the Raiders back in 2007 ... TMZ has learned.

According to documents obtained by TMZ -- foreclosure proceedings have begun on the former #1 overall draft pick's house ... after he allegedly failed to pay $195,512.05 in mortgage payments.

Now, if the unemployed QB doesn't cough up the cash in the next 3 months, the bank will put the home on the auction block. 

FYI -- Russell famously signed a RIDICULOUS contract worth around $60 mil in 2007 -- and then proceeded to only win 7 games in three pathetic seasons while gaining about 400 pounds.

25-year-old Russell was eventually released from the team -- and is currently out of professional football.

We called JM's rep for comment -- who told us he had yet to speak to JaMarcus about the situation.

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