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.