
                                      UNITED STATES
                           SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  September 15, 2004
                          (Date of earliest event reported)

                Lehman ABS Corporation  (as Depositor under the Trust
           Agreement, dated as May 1, 2004, providing for the issuance
             of Home Equity Loan Asser-Backed Certificates, Series 2004-3)
               (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-108503-07                         13-3447441
          (Commission File Number)        (I.R.S. Employer Identification No.)


          3 World Financial Center
          New York, New York                             10285
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (212) 526-7000


(Former name or former address, if changed since last report.)



Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


Item 8.01 Other Events.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2004-1, which was made on January 1,2004


Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

Exhibit No. Description

99.1 Monthly distribution report pursuant to Section 4.03 of the Trust
Agreement for distribution on September 15, 2004.


                             SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the Registrant by the undersigned thereunto duly authorized.



DEUTSCHE BANK NATIONAL TRUST COMPANY, IN ITS CAPACITY AS TRUSTEE UNDER THE
TRUST AGREEMENT ON BEHALF OF LEHMAN ABS CORPORATION, REGISTRANT




                                  By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President
                                            Date:  Sep 21, 2004




                        EXHIBIT INDEX


DOCUMENT

99.1 Monthly distribution report pursuant to Section 4.03 of the Trust
Agreement for distribution on September 15, 2004.


	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates


	September 15, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				12
			8.	Prepayment Report				13
			9.	Prepayment Detail Report				16
			10.	Realized Loss Report				17
			11.	Realized Loss Detail Report				20
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				21
			13.	Other Related Information				22
			14.	Additional Certificate Report				23



				Total Number of Pages				23



			CONTACTS

				Administrator: Marion Hogan
				Direct Phone Number: (714)247-6282
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

				Web Site: https://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000



ISSUANCE INFORMATION

	Seller:							Cut-Off Date: April 30, 2004
	Certificate Insurer(s):		AMBAC Indemnity Corporation					Closing Date: June 3, 2004
								First Payment Date: June 15, 2004
	Servicer(s):		Home Loan and Investment Master Servicer


								Distribution Date: September 15, 2004
	Underwriter(s):		Lehman Brothers Lead Underwriter					Record Date: September 14, 2004







						Page 1 of 23					© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Remic I Series 2004-3
	Certificate Payment Report for September 15, 2004 Distribution


	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)

A	PT	100,000,000.00			95,747,538.24	155,589.75	3,270,793.87	3,426,383.62	-	-	92,476,744.37
R	R	-			-	-	-	-	-	-	-


Total		100,000,000.00			95,747,538.24	155,589.75	3,270,793.87	3,426,383.62	-	-	92,476,744.37


	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)

A				A-30/360	525180CH6	100,000,000.00	957.475382	1.555898	32.707939	34.263836	924.767444
R				A-30/360	525180CJ2	-	-	-	-	-	-


							Page 2 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Remic I Series 2004-3
	Certificate Payment Report for September 15, 2004 Distribution


	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)

A	100,000,000.00		487,215.73		-	7,523,255.63	7,523,255.63	8,010,471.36	-	-	92,476,744.37
R	-		-		-	-	-	-	-	-	-


Total	100,000,000.00		487,215.73		-	7,523,255.63	7,523,255.63	8,010,471.36	-	-	92,476,744.37


	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)

A	1.95000%	95,747,538.24			155,589.75	-	-	-	-	155,589.75	-
R		-			-	-	-	-	155,589.75	-	-


Total		95,747,538.24			155,589.75	-	-	-	155,589.75	155,589.75	-


							Page 3 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collection Account Report for September 15, 2004 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							3,270,793.87
	Principal Withdrawals							0.00
	Principal Other Accounts							0.00
	TOTAL NET PRINCIPAL							3,270,793.87

	Interest Collections							557,885.11
	Interest Withdrawals							0.00
	Interest Other Accounts							0.00
	Interest Fees							55,139.70
	TOTAL NET INTEREST							502,745.41

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							3,773,539.28

	Class A Interest Distribution Amount							155,589.75
	Class A Principal Distribution Amount							3,270,793.87

	REMITTANCE AMOUNT							3,426,383.62


PRINCIPAL - COLLECTIONS								TOTAL

	Scheduled Principal							104,262.71
	Curtailments							14,083.07
	Prepayments in Full							3,152,448.09
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Additional Principal							0.00
	Delinquent Principal							0.00
	Realized Losses							0.00
	Principal Recoveries							0.00
	Non Recoverable Advances							0.00
	Principal Advanced							0.00

	TOTAL PRINCIPAL COLLECTED							3,270,793.87


				Page 4 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collection Account Report for September 15, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS								TOTAL

	Scheduled Interest							558,107.52
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Other Additional Interest							0.00
	Prepayment Interest Shortfalls							(2,125.39)
	Delinquent Interest							(3,558.64)
	Realized Losses							0.00
	Compensating Interest							2,125.39
	Other Interest Shortfall (Relief Act)							0.00
	Interest Advanced							3,336.23
	Capitalized Interest Deposit							0.00

	TOTAL INTEREST COLLECTED							557,885.11


				Page 5 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collection Account Report for September 15, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - FEES								TOTAL

	Current Servicing Fees							39,672.40
	Trustee Fees							1,595.79
	Premium Amount							13,871.51

	TOTAL INTEREST OTHER FEES							55,139.70


				Page 6 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Credit Enhancement Report for September 15, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS								TOTAL

	Beginning Spread Account Balance							1,006,787.09
	Spread Account Deposits from the Distribution Account							347,155.66
	Spread Account Interest Earnings							898.27
	Deposits to the Distribution Account							0.00
	Spread Account Excess Released to Class R							0.00
	Ending Spread Account Balance							1,354,841.02


	Beginning Basis Risk Reserve Fund Balance							0.00
	Basis Risk Reserve Fund Deposits from Corridor Contract							0.00
	Required Basis Risk Reserve Fund Deposit							0.00
	Withdrawls to pay Class A Available Funds Cap Carryforward							0.00
	Withdrawls to pay Class R							0.00
	Ending Basis Risk Reserve Fund Balance							0.00


INSURANCE								TOTAL

	Insurance Premium							13,871.51
	Other Insurance Amounts Due							0.00
	Interest on Insured Amounts Due							0.00
	Total Insurance Amounts Due							13,871.51
	Insurance Amounts Paid							13,871.51
	Remaining Unpaid Insurance Amounts							0.00

	Current Insured Amount paid to Distribution Account							0.00


STRUCTURAL FEATURES								TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 7 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collateral Report for September 15, 2004 Distribution


	Collateral Report


COLLATERAL								TOTAL
	Loan Count:
	*Original*							856
	Prior							1,080
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(31)
	Repurchases							-
	Liquidations							-
	Current							1,049

	*Principal Balance:*
	Original							75,683,075.80
	Prior							95,747,538.24
	Prefunding							-
	Scheduled Principal							(104,262.71)
	Partial and Full Voluntary Prepayments							(3,166,531.16)
	Repurchases							-
	Liquidations							-
	Current							92,476,744.37

PREFUNDING								TOTAL
SPACE INTENTIONALLY LEFT BLANK




Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collateral Report for September 15, 2004 Distribution


	Collateral Report


CHARACTERISTICS								TOTAL

	Weighted Average Coupon Original							6.980433%
	Weighted Average Coupon Prior							6.990593%
	Weighted Average Coupon Current							6.994739%
	Weighted Average Months to Maturity Original							316
	Weighted Average Months to Maturity Prior							323
	Weighted Average Months to Maturity Current							322
	Weighted Avg Remaining Amortization Term Original							325
	Weighted Avg Remaining Amortization Term Prior							324
	Weighted Avg Remaining Amortization Term Current							323
	Weighted Average Seasoning Original							2.36
	Weighted Average Seasoning Prior							3.40
	Weighted Average Seasoning Current							4.36

Note: Original information refers to deal issue.




WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collateral Report for September 15, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS								TOTAL

	Weighted Average Margin Original							5.054%
	Weighted Average Margin Prior							5.081%
	Weighted Average Margin Current							5.073%
	Weighted Average Max Rate Original							12.221%
	Weighted Average Max Rate Prior							12.201%
	Weighted Average Max Rate Current							12.183%
	Weighted Average Min Rate Original							5.993%
	Weighted Average Min Rate Prior							6.066%
	Weighted Average Min Rate Current							6.058%
	Weighted Average Cap Up Original							0.905%
	Weighted Average Cap Up Prior							0.904%
	Weighted Average Cap Up Current							0.902%
	Weighted Average Cap Down Original							0.905%
	Weighted Average Cap Down Prior							0.904%
	Weighted Average Cap Down Current							0.902%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES								TOTAL

	Current Servicing Fees							39,672.40
	Delinquent Servicing Fees							222.41
	TOTAL SERVICING FEES							39,894.81

	Total Servicing Fees							39,894.81
	Compensating Interest							(2,125.39)
	Delinquent Servicing Fees							(222.41)
	COLLECTED SERVICING FEES							37,547.01

	Prepayment Interest Shortfall							2,125.39

	Total Advanced Interest							3,336.23


ADDITIONAL COLLATERAL INFORMATION								TOTAL

	Beginning Pool Factor							95.747538%
	Ending Pool Factor							95.747538%


				Page 10 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Delinquency Report for September 15, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			264,512.75	-	-	264,512.75
		% Balance			0.29%	0.00%	0.00%	0.29%
		# Loans			1	-	-	1
		% # Loans			0.10%	0.00%	0.00%	0.10%
FORECLOSURE		Balance		-	-	-	29,950.46	29,950.46
		% Balance		0.00%	0.00%	0.00%	0.03%	0.03%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.10%	0.10%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		-	264,512.75	-	29,950.46	294,463.21
		% Balance		0.00%	0.29%	0.00%	0.03%	0.32%
		# Loans		-	1	-	1	2
		% # Loans		0.00%	0.10%	0.00%	0.10%	0.19%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	REO Report for September 15, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = ; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00

REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.

Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


				Page 12 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Prepayment Report for September 15, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS								TOTAL

	*Current*
	Number of Paid in Full Loans							31
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							31

	Paid in Full Balance							3,152,448.09
	Repurchased Loans Balance							-
	Curtailments Amount							14,083.07
	Total Prepayment Amount							3,166,531.16

	*Cumulative*
	Number of Paid in Full Loans							78
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							78

	Paid in Full Balance							7,103,832.07
	Repurchased Loans Balance							-
	Curtailments Amount							62,429.92
	Total Prepayment Amount							7,166,261.99

SPACE INTENTIONALLY LEFT BLANK


Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)


				Page 13 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Prepayment Report for September 15, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES								TOTAL

	SMM							3.31%
	3 Months Avg SMM							2.46%
	12 Months Avg SMM
	Avg SMM Since Cut-off							1.99%

	CPR							33.24%
	3 Months Avg CPR							25.83%
	12 Months Avg CPR
	Avg CPR Since Cut-off							21.47%

	PSA							3814.50%
	3 Months Avg PSA Approximation							3491.03%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							3192.33%







CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 14 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Prepayment Report for September 15, 2004 Distribution


	Prepayment Report - Voluntary Prepayments




CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off


PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off


PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)

Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.

				Page 15 of 23				© COPYRIGHT 2004 Deutsche Bank


	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Prepayment Detail Report for September 15, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 31						Loan Group 1 =
Total Original Principal Balance = 3,168,572.00
Total Prepayment Amount = 3,152,448.09


Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date

94662 1			20,000.00	19,617.49	Aug-24-04	9.250%	VA - 17.70%	Paid Off - 180	Nov-13-03
94759 1			87,000.00	86,658.80	Aug-05-04	9.650%	MA - 49.15%	Paid Off - 360	Nov-21-03
94760 1			56,832.00	56,121.78	Aug-03-04	8.460%	VA - 22.55%	Paid Off - 240	Nov-21-03
94799 1			200,000.00	198,680.07	Aug-27-04	7.250%	RI - 82.30%	Paid Off - 360	Nov-25-03
94816 1			25,929.00	25,642.26	Aug-02-04	8.750%	VA - 9.43%	Paid Off - 240	Nov-26-03
94846 1			107,000.00	106,512.40	Aug-03-04	8.250%	NH - 60.45%	Paid Off - 360	Nov-26-03
94860 1			211,200.00	210,178.58	Aug-19-04	8.000%	VA - 80.00%	Paid Off - 360	Nov-26-03
94872 1			88,900.00	88,408.43	Aug-03-04	8.990%	NY - 70.00%	Paid Off - 360	Nov-28-03
94912 1			104,500.00	103,220.13	Aug-24-04	8.500%	NY - 38.70%	Paid Off - 240	Dec-05-03
94944 1			23,000.00	22,853.45	Aug-10-04	12.150%	VA - 14.38%	Paid Off - 240	Dec-10-03
94965 1			16,500.00	15,842.78	Aug-26-04	7.850%	PA - 7.33%	Paid Off - 240	Dec-11-03
94971 1			21,500.00	21,325.13	Aug-12-04	10.450%	RI - 10.49%	Paid Off - 240	Dec-12-03
95025 1			42,213.00	42,056.78	Aug-17-04	8.500%	MA - 16.11%	Paid Off - 360	Dec-17-03
95141 1			160,000.00	158,738.31	Aug-05-04	6.500%	ME - 80.00%	Paid Off - 360	Dec-30-03
95155 1			37,000.00	36,723.84	Aug-23-04	7.500%	MA - 19.79%	Paid Off - 360	Dec-31-03
95251 1			15,500.00	14,576.65	Aug-13-04	7.000%	VA - 5.92%	Paid Off - 180	Jan-17-04
95305 1			80,000.00	79,732.83	Aug-23-04	9.000%	RI - 32.00%	Paid Off - 360	Jan-26-04
95414 1			180,000.00	179,248.63	Aug-10-04	7.000%	RI - 80.00%	Paid Off - 360	Jan-31-04
95474 1			258,000.00	256,841.21	Aug-16-04	5.400%	NY - 60.00%	Paid Off - 360	Feb-12-04
95580 1			180,000.00	179,109.95	Aug-05-04	7.250%	NY - 83.72%	Paid Off - 360	Feb-25-04
95680 1			85,000.00	84,640.12	Aug-19-04	6.500%	RI - 80.95%	Paid Off - 360	Feb-28-04
95839 1			63,123.00	62,857.47	Aug-30-04	5.750%	NH - 39.21%	Paid Off - 360	Mar-19-04
95906 1			13,600.00	13,567.90	Aug-20-04	8.250%	CT - 10.00%	Paid Off - 360	Mar-25-04
95914 1			47,600.00	47,056.27	Aug-20-04	8.250%	PA - 85.00%	Paid Off - 180	Mar-26-04
95974 1			50,000.00	49,773.12	Aug-23-04	5.750%	NY - 13.33%	Paid Off - 360	Mar-31-04
96303 1			145,000.00	144,658.57	Aug-10-04	5.250%	MA - 65.32%	Paid Off - 360	Apr-28-04
96328 1			70,000.00	69,594.07	Aug-24-04	8.000%	MA - 38.67%	Paid Off - 180	Apr-29-04
96343 1			426,700.00	426,295.13	Aug-05-04	6.250%	VA - 85.00%	Paid Off - 360	Apr-30-04
96402 1			80,000.00	79,880.87	Aug-30-04	7.500%	MN - 80.00%	Paid Off - 360	May-06-04
96442 1			62,475.00	62,035.07	Aug-05-04	5.750%	MI - 85.00%	Paid Off - 180	May-11-04
97062 1			210,000.00	210,000.00	Aug-05-04	6.250%	RI - 82.35%	Paid Off - 360	Jun-30-04


					Page 16 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Realized Loss Report for September 15, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES								TOTAL

	*Current*
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-

	*Cumulative*
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-

	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.

SPACE INTENTIONALLY LEFT BLANK


							3 Months Moving Average


Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 17 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Realized Loss Report for September 15, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS								TOTAL

	MDR							0.00%
	3 Months Avg MDR							0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.00%

	CDR							0.00%
	3 Months Avg CDR							0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%

	SDA							0.00%
	3 Months Avg SDA Approximation							0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation							0.00%

	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off



CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 18 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Realized Loss Report for September 15, 2004 Distribution


	Realized Loss Report - Collateral




CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off


SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off


COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.

				Page 19 of 23				© COPYRIGHT 2004 Deutsche Bank


	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Realized Loss Detail Report for September 15, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 =
Total Prior Principal Balance = 0.00
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK


					Page 20 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 15, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS								TOTAL

	Has a Servicer Termination Delinquency Event Occured?							No

	Has a Servicer Termination Loss Event Occured?							No

	Has the Optional Termination Date Been Reached?							No


ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION								TOTAL


				Page 21 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Other Related Information for September 15, 2004 Distribution


	Other Related Information


ADDITIONAL INFORMATION								TOTAL


	% of Excess Spread used in Monthly Excess Spread Amt.							100.0000%
	Excess Spread							347,155.66
	Monthly Excess Spread							347,155.66
	Spread Account Excess							0.00
	Spread Account Excess Allocable to Servicer/Seller Reimbursements							0.00
	Spread Account Excess Allocable to Monthly Advances							0.00
	Spread Account Excess Allocable to Class R							0.00


				Page 22 of 23				© COPYRIGHT 2004 Deutsche Bank
	Lehman Home Equity Loan Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Additional Certificate Report for September 15, 2004 Distribution


	Additional Certificate Report

SPACE INTENTIONALLY LEFT BLANK
	CLASS


				Page 23 of 23				© COPYRIGHT 2004 Deutsche Bank

Lehman Home Equity Loan Trust 2004-3 8-K