
                                     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):
                          (Date of earliest event reported)

           Securitized Asset Backed Receivables LLC (as Depositor under
              the Pooling and Servicing Agreement, dated as August 1, 2004,
                providing for the issuance of Securitized Asset Backed
                Receivables LLC Trust 2004-NC2 Mortgage Pass-Through
                           Certificates, Series 2004-NC2)
                 (Exact name of registrant as specified in charter)

                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-108395-06                        37-1472598
          (Commission File Number)        (I.R.S. Employer Identification No.)


           200 Park Avenue
           NEW YORK, NEW YORK                                  10166
          (Address of principal executive offices)           (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (212) 412-4000



(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

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     .

                                    Signatures

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


                                  Deutsche Bank National Trust Company,
                                  in its capacity as Trustee under the
                                  Pooling and Servicing Agreement on
                                  behalf of Securitized Asset Backed
                                  Receivables LLC,Registrant


          Date:  Sep 27, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of .



Securitized Asset Backed Receivables LLC 2004-NC2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller								Page
				Seller					1. Certificate Payment Report					2
				Structured Asset Securitie					1. Certificate Payment Report					2
				Structured Asset Securitie					2. Collection Account Report					4
									2. Collection Account Report					4
									3. Credit Enhancement Report					6
									4. Collateral Report					7
				Certificate Insurer(s)					5. Delinquency Report					10
				Certificate Insurer(s)					5. Delinquency Report					10
									6. REO Report					13

									7. Foreclosure Report					14
									8. Prepayment Report					15
									9. Prepayment Detail Report					18
									9. Prepayment Detail Report					18
									10. Realized Loss Report					19
									11. Realized Loss Detail Report					22
				Servicer(s)					11. Realized Loss Detail Report					22
				Servicer(s)					12. Triggers and Adj. Cert. Report					23
				Litton Loan Servicing					12. Triggers and Adj. Cert. Report					23
				Litton Loan Servicing					13. Other Related Information					24
									13. Other Related Information					24


				Underwriter(s)
				Barclays Capital


									Total Number of Pages					24
									Total Number of Pages

				Dates					Contacts

				Cut-Off Date:		August 01, 2004			Brent Hoyler
				Close Date:		August 25, 2004			Administrator
				First Distribution Date:		September 27, 2004			(714) 247-6322
									Brent.Hoyler@db.com
									Brent.Hoyler@db.com
									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		September 27, 2004
									Factor Information:			(800) 735-7777
				Record Date:		August 31, 2004			Factor Information:			(800) 735-7777
									Main Phone Number:			(714) 247-6000

						September 24, 2004
						September 24, 2004

									https://www.corporatetrust.db.com/invr



Page 1 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC I
					Prior											Current
	Class		Original		Principal					Total		Realized		Deferred		Principal
	Class		Original		Principal					Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance	Interest		Principal		Distribution		Loss		Interest		Balance


					(1)	(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

A-1	STEP, FLT	$	202,695,000.00		202,695,000.00	359,065.75		3,782,204.04		4,141,269.79		0.00		0.00		198,912,795.96
A-1	STEP, FLT	$	202,695,000.00		202,695,000.00	359,065.75		3,782,204.04		4,141,269.79		0.00		0.00		198,912,795.96
A-2	STEP, FLT	$	123,849,000.00		123,849,000.00	226,488.86		3,764,156.39		3,990,645.25		0.00		0.00		120,084,843.61
M-1	MEZ, STEP,	$	25,042,000.00		25,042,000.00	50,845.69		0.00		50,845.69		0.00		0.00		25,042,000.00
M-2	MEZ, STEP,	$	19,032,000.00		19,032,000.00	49,110.49		0.00		49,110.49		0.00		0.00		19,032,000.00
M-3	MEZ, STEP,	$	5,809,000.00		5,809,000.00	16,161.12		0.00		16,161.12		0.00		0.00		5,809,000.00
B-1	MEZ, STEP,	$	5,209,000.00		5,209,000.00	16,783.83		0.00		16,783.83		0.00		0.00		5,209,000.00
B-2	MEZ, STEP,	$	4,007,000.00		4,007,000.00	13,278.20		0.00		13,278.20		0.00		0.00		4,007,000.00
B-3	MEZ, STEP,	$	3,005,000.00		3,005,000.00	12,712.40		0.00		12,712.40		0.00		0.00		3,005,000.00
B-4	MEZ, STEP,	$	4,006,000.00		4,006,000.00	16,947.05		0.00		16,947.05		0.00		0.00		4,006,000.00
X	EXE	$	8,014,306.00		8,014,306.00	1,102,152.03		939.88		1,103,091.91		0.00		0.00		8,013,366.12
P		$	0.00		0.00	7,996.79		0.00		7,996.79		0.00		0.00		0.00
R		$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00



Total			400,668,306.00		400,668,306.00	1,871,542.21		7,547,300.31		9,418,842.52		0.00		0.00		393,121,005.69
Total




Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-
								Orig. Principal		Prior							Current
								Orig. Principal		Prior							Current
	Period		Period					(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method	Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

								(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1	08/25/04		09/26/04		A-Act/360	81375WBJ4		202,695,000.00		1,000.000000		1.771458		18.659582		20.431041	981.340418
A-2	08/25/04		09/26/04		A-Act/360	81375WBA3		123,849,000.00		1,000.000000		1.828750		30.393111		32.221861	969.606889
M-1	08/25/04		09/26/04		A-Act/360	81375WBB1		25,042,000.00		1,000.000000		2.030417		0.000000		2.030417	1,000.000000
M-2	08/25/04		09/26/04		A-Act/360	81375WBC9		19,032,000.00		1,000.000000		2.580417		0.000000		2.580417	1,000.000000
M-3	08/25/04		09/26/04		A-Act/360	81375WBD7		5,809,000.00		1,000.000000		2.782083		0.000000		2.782083	1,000.000000
B-1	08/25/04		09/26/04		A-Act/360	81375WBE5		5,209,000.00		1,000.000000		3.222083		0.000000		3.222083	1,000.000000
B-2	08/25/04		09/26/04		A-Act/360	81375WBF2		4,007,000.00		1,000.000000		3.313751		0.000000		3.313751	1,000.000000
B-3	08/25/04		09/26/04		A-Act/360	81375WBG0		3,005,000.00		1,000.000000		4.230416		0.000000		4.230416	1,000.000000
B-4	08/25/04		09/26/04		A-Act/360	81375WBH8		4,006,000.00		1,000.000000		4.230417		0.000000		4.230417	1,000.000000
X	08/25/04		09/26/04		F-Act/360	BC04C201X		8,014,306.00		1,000.000000		137.523078		0.117275		137.640353	999.882725
P	08/25/04		09/26/04		A-Act/360	BC04C201P		0.00		0.000000		0.000000		0.000000		0.000000	0.000000
R	08/25/04		09/26/04		A-Act/360	BC04C201R		0.00		0.000000		0.000000		0.000000		0.000000	0.000000





Page 2 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution

Distribution to Date - REMIC I
																Current


	Original				Unscheduled	Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal	Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)	(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1	202,695,000.00		359,065.75		3,782,204.04	0.00		3,782,204.04		4,141,269.79		0.00		0.00		198,912,795.96
A-2	123,849,000.00		226,488.86		3,764,156.39	0.00		3,764,156.39		3,990,645.25		0.00		0.00		120,084,843.61
M-1	25,042,000.00		50,845.69		0.00	0.00		0.00		50,845.69		0.00		0.00		25,042,000.00
M-2	19,032,000.00		49,110.49		0.00	0.00		0.00		49,110.49		0.00		0.00		19,032,000.00
M-3	5,809,000.00		16,161.12		0.00	0.00		0.00		16,161.12		0.00		0.00		5,809,000.00
B-1	5,209,000.00		16,783.83		0.00	0.00		0.00		16,783.83		0.00		0.00		5,209,000.00
B-2	4,007,000.00		13,278.20		0.00	0.00		0.00		13,278.20		0.00		0.00		4,007,000.00
B-3	3,005,000.00		12,712.40		0.00	0.00		0.00		12,712.40		0.00		0.00		3,005,000.00
B-4	4,006,000.00		16,947.05		0.00	0.00		0.00		16,947.05		0.00		0.00		4,006,000.00
X	8,014,306.00		1,102,152.03		939.88	0.00		939.88		1,103,091.91		0.00		0.00		8,013,366.12
P	0.00		7,996.79		0.00	0.00		0.00		7,996.79		0.00		0.00		0.00
R	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00



Total	400,668,306.00		1,871,542.21		7,547,300.31	0.00		7,547,300.31		9,418,842.52		0.00		0.00		393,121,005.69


Interest Detail - REMIC I
	Pass		Prior Principal			Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal			Non-		Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued	Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest	Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)	(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1	1.93250%		202,695,000.00		359,065.75	0.00		0.00		0.00		359,065.75		359,065.75		0.00
A-2	1.99500%		123,849,000.00		226,488.86	0.00		0.00		0.00		226,488.86		226,488.86		0.00
M-1	2.21500%		25,042,000.00		50,845.69	0.00		0.00		0.00		50,845.69		50,845.69		0.00
M-2	2.81500%		19,032,000.00		49,110.49	0.00		0.00		0.00		49,110.49		49,110.49		0.00
M-3	3.03500%		5,809,000.00		16,161.12	0.00		0.00		0.00		16,161.12		16,161.12		0.00
B-1	3.51500%		5,209,000.00		16,783.83	0.00		0.00		0.00		16,783.83		16,783.83		0.00
B-2	3.61500%		4,007,000.00		13,278.20	0.00		0.00		0.00		13,278.20		13,278.20		0.00
B-3	4.61500%		3,005,000.00		12,712.40	0.00		0.00		0.00		12,712.40		12,712.40		0.00
B-4	4.61500%		4,006,000.00		16,947.05	0.00		0.00		0.00		16,947.05		16,947.05		0.00
X	150.02518%		8,014,306.00		0.00	0.00		0.00		0.00		0.00		1,102,152.03		0.00
P	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		7,996.79		0.00
R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00



Total			400,668,306.00		761,393.39	0.00		0.00		0.00		761,393.39		1,871,542.21		0.00



Page 3 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
									Group 2		Group 1		Total
Principal Collections									3,764,625.19		3,782,675.08		7,547,300.27
Principal Withrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									3,764,625.19		3,782,675.08		7,547,300.27
Interest Collections									710,476.92		1,190,135.77		1,900,612.69
Interest Withdrawals									-0.00		-0.00		-0.00
Interest Other Accounts									0.00		0.00		7,996.79
Interest Fees									-13,602.63		-23,464.60		-37,067.23
TOTAL NET INTEREST									696,874.29		1,166,671.17		1,871,542.25
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION									4,461,499.48		4,949,346.25		9,418,842.52



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Principal Received										0.00		0.00		0.00
Prepayments In Full										3,754,749.58		3,757,796.04		7,512,545.62
Curtailments										9,875.61		24,879.04		34,754.65
Liquidations										0.00		0.00		0.00
Insurance Principal										0.00		0.00		0.00
Repurchased Principal Amounts										0.00		0.00		0.00
Other Principal										0.00		0.00		0.00
Total Realized Loss Of Principal										-0.00		-0.00		-0.00
Delinquent Principal										-0.00		-0.00		-0.00
Advanced Principal										0.00		0.00		0.00
TOTAL PRINCIPAL COLLECTED										3,764,625.19		3,782,675.08		7,547,300.27


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
									Group 2		Group 1		Total
TOTAL OTHER ACCOUNTS PRINCIPAL									0.00		0.00		0.00





Page 4 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
									Group 2		Group 1		Total
Scheduled Interest									761,623.05		1,272,640.50		2,034,263.55
Liquidation Interest									0.00		0.00		0.00
Repurchased Interest									0.00		0.00		0.00
Insurance Interest									0.00		0.00		0.00
Other Interest									0.00		0.00		0.00
Relief Act Interest Shortfalls									-0.00		-0.00		-0.00
Prepayment Interest Shortfalls									-4,025.20		-3,093.70		-7,118.90
Compensating Interest									4,025.20		3,093.70		7,118.90
Delinquent Interest									-615,263.28		-1,012,094.02		-1,627,357.30
Interest Advanced									564,117.15		929,589.29		1,493,706.44
TOTAL INTEREST COLLECTED									710,476.92		1,190,135.77		1,900,612.69


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
									Group 2		Group 1		Total
Nonrecoverable Advances									0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS									0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
									Group 2		Group 1		Total
Prepayment Charges													7,996.79
TOTAL INTEREST OTHER ACCOUNTS									0.00		0.00		7,996.79



INTEREST - FEES
INTEREST - FEES
									Group 2		Group 1		Total
Current Servicing Fees									12,171.65		21,122.62		33,294.26
Current Trustee Fees									1,430.98		2,341.98		3,772.96
TOTAL INTEREST OTHER FEES									13,602.63		23,464.60		37,067.23




Page 5 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS

SPACE INTENTIONALLY LEFT BLANK



INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
									Group 2		Group 1		Total
Overcollateralization Amount													8,014,305.96
Overcollateralization Target Amount													8,013,366.12
Overcollateralization Deficiency Amount													0.00
Overcollateralization Release Amount													939.84




Page 6 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution
Collateral Report


COLLATERAL



										Group 2		Group 1		Total



*Loan Count:*


Original									372		1,123		1,495
Prior									372		1,123		1,495
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-9		-15		-24
Repurchases									-0		-0		-0
Liquidations									-0		-0		-0
Current									363		1,108		1,471
*Principal Balance:*


Original									151,962,676.93		248,705,629.03		400,668,305.96
Prior									151,962,676.93		248,705,629.03		400,668,305.96
Prefunding									0.00		0.00		0.00
Scheduled Principal									-0.00		-0.00		-0.00
Partial Prepayments									-9,875.61		-24,879.04		-34,754.65
Full Voluntary Prepayments									-3,754,749.58		-3,757,796.04		-7,512,545.62
Repurchases									-0.00		-0.00		-0.00
Liquidations									-0.00		-0.00		-0.00
Current									148,198,051.74		244,922,953.95		393,121,005.69





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Coupon Original									6.01429%		6.14047%		6.09261%
Weighted Average Coupon Prior									6.01429%		6.14047%		6.09261%
Weighted Average Coupon Current									6.01429%		6.14047%		6.09261%
Weighted Average Months to Maturity Original									349		353		351
Weighted Average Months to Maturity Prior									349		353		351
Weighted Average Months to Maturity Current									349		353		351
Weighted Avg Remaining Amortization Term Original									349		353		351
Weighted Avg Remaining Amortization Term Prior									349		353		351
Weighted Avg Remaining Amortization Term Current									349		353		351
Weighted Average Seasoning Original									4.78		4.73		4.75
Weighted Average Seasoning Prior									4.78		4.73		4.75
Weighted Average Seasoning Current									4.78		4.73		4.75









Page 8 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Margin Original									5.25501%		5.37059%		5.32675%
Weighted Average Margin Prior									5.25501%		5.37059%		5.32675%
Weighted Average Margin Current									5.25501%		5.37059%		5.32675%
Weighted Average Max Rate Original									13.01491%		13.13953%		13.09226%
Weighted Average Max Rate Prior									13.01491%		13.13953%		13.09226%
Weighted Average Max Rate Current									13.01491%		13.13953%		13.09226%
Weighted Average Min Rate Original									5.99875%		6.13360%		6.08245%
Weighted Average Min Rate Prior									5.99875%		6.13360%		6.08245%
Weighted Average Min Rate Current									5.99875%		6.13360%		6.08245%
Weighted Average Cap Up Original									1.65601%		1.56790%		1.60132%
Weighted Average Cap Up Prior									1.65601%		1.56790%		1.60132%
Weighted Average Cap Up Current									1.65601%		1.56790%		1.60132%
Weighted Average Cap Down Original									1.65601%		1.56790%		1.60132%
Weighted Average Cap Down Prior									1.65601%		1.56790%		1.60132%
Weighted Average Cap Down Current									1.65601%		1.56790%		1.60132%




SERVICING FEES & ADVANCES

										Group 2		Group 1		Total




Current Servicing Fees									12,171.65		21,122.62		33,294.26
Delinquent Servicing Fees									51,146.14		82,504.73		133,650.86
TOTAL SERVICING FEES									63,317.78		103,627.35		166,945.13


Compensating Interest									-4,025.20		-3,093.70		-7,118.90
Delinquent Servicing Fees									-51,146.14		-82,504.73		-133,650.86
COLLECTED SERVICING FEES									8,146.44		18,028.92		26,175.36


Aggregate Advances with respect to this Distribution									564,117.15		929,589.29		1,493,706.44





ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Net Prepayment Interest Shortfall									0.00		0.00		0.00
Libor For Current Period													1.6150%




Page 9 of 24
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REMIC 2004-NC2

September 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			2,171,520.00		570,799.70		0.00		2,742,319.70
			% Balance			0.55%		0.15%		0.00%		0.70%
			# Loans			8		2		0		10
			% # Loans			0.54%		0.14%		0.00%		0.68%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00	2,171,520.00		570,799.70		0.00		2,742,319.70
			% Balance		0.00%	0.55%		0.15%		0.00%		0.70%
			# Loans		0	8		2		0		10
			% # Loans		0.00%	0.54%		0.14%		0.00%		0.68%









Page 10 of 24
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September 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			653,520.00		197,999.70		0.00		851,519.70
			% Balance			0.27%		0.08%		0.00%		0.35%
			# Loans			4		1		0		5
			% # Loans			0.36%		0.09%		0.00%		0.45%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00	653,520.00		197,999.70		0.00		851,519.70
			% Balance		0.00%	0.27%		0.08%		0.00%		0.35%
			# Loans		0	4		1		0		5
			% # Loans		0.00%	0.36%		0.09%		0.00%		0.45%










Page 11 of 24
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REMIC 2004-NC2

September 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			1,518,000.00		372,800.00		0.00		1,890,800.00
			% Balance			1.02%		0.25%		0.00%		1.28%
			# Loans			4		1		0		5
			% # Loans			1.10%		0.28%		0.00%		1.38%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00	1,518,000.00		372,800.00		0.00		1,890,800.00
			% Balance		0.00%	1.02%		0.25%		0.00%		1.28%
			# Loans		0	4		1		0		5
			% # Loans		0.00%	1.10%		0.28%		0.00%		1.38%









Page 12 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

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Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution
REO Report
Loan Number			Original		Stated			Current		State &

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 13 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

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Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated			Current		State &

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date




TOTAL



Page 14 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

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REMIC 2004-NC2

September 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

										Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans									9		15		24
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									9		15		24
Curtailments Amount									9,875.61		24,879.04		34,754.65
Paid in Full Balance									3,754,749.58		3,757,796.04		7,512,545.62
Repurchased Loans Balance									0.00		0.00		0.00
Total Prepayment Amount									3,764,625.19		3,782,675.08		7,547,300.27

*Cumulative*


Number of Paid in Full Loans									9		15		24
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									9		15		24
Paid in Full Balance									3,754,749.58		3,757,796.04		7,512,545.62
Repurchased Loans Balance									0.00		0.00		0.00
Curtailments Amount									9,875.61		24,879.04		34,754.65
Total Prepayment Amount									3,764,625.19		3,782,675.08		7,547,300.27










Page 15 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

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September 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

										Group 2		Group 1		Total



SMM									2.48%		1.52%		1.88%
3 Months Avg SMM									2.48%		1.52%		1.88%
12 Months Avg SMM									2.48%		1.52%		1.88%
Avg SMM Since Cut-off									2.48%		1.52%		1.88%


CPR									25.99%		16.80%		20.40%
3 Months Avg CPR									25.99%		16.80%		20.40%
12 Months Avg CPR									25.99%		16.80%		20.40%
Avg CPR Since Cut-off									25.99%		16.80%		20.40%


PSA									2,717.79%		1,777.61%		2,149.19%
3 Months Avg PSA Approximation									2,717.80%		1,777.60%		2,149.19%
12 Months Avg PSA Approximation									2,717.80%		1,777.60%		2,149.19%
Avg PSA Since Cut-off Approximation									2,717.80%		1,777.60%		2,149.19%










Page 16 of 24
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September 27, 2004 Distribution






PREPAYMENT CALCULATION METHODOLOGY

	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)

	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	PSA Standard Prepayment Model: CPR/(0.002*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, liquidations, and repurchases.
	Dates correspond to distribution dates.




Page 17 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

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Mortgage Pass-Through Certificates
REMIC 2004-NC2

September 27, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
Loan Number			Original						Current		State &		Type Prepayment

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

1356921 1			219,650.00		219,650.00		24-Aug-2004		6.250%		Ne - 80.00%		Paid Off - 360		01-May-2004
1356921 1			219,650.00		219,650.00		24-Aug-2004		6.250%		Ne - 80.00%		Paid Off - 360		01-May-2004
1367332 2			387,000.00		387,000.00		16-Aug-2004		5.125%		Ca - 88.97%		Paid Off - 300		01-Jun-2004
1370971 1			254,332.00		254,332.00		26-Aug-2004		6.650%		Ne - 79.98%		Paid Off - 360		01-Apr-2004
1372154 2			595,000.00		594,999.75		31-Aug-2004		4.750%		Ca - 85.00%		Paid Off - 300		01-Apr-2004
1375399 1			280,000.00		280,000.00		30-Aug-2004		6.550%		Ca - 80.00%		Paid Off - 360		01-May-2004
1386323 2			368,000.00		368,000.00		26-Aug-2004		5.900%		Ca - 80.00%		Paid Off - 360		01-Apr-2004
1400794 1			267,750.00		267,750.00		27-Aug-2004		5.950%		Ca - 85.00%		Paid Off - 360		01-May-2004
1403274 1			248,000.00		248,000.00		31-Aug-2004		6.500%		Ca - 80.00%		Paid Off - 360		01-May-2004
1415557 1			292,000.00		292,000.00		27-Aug-2004		5.500%		Ca - 80.00%		Paid Off - 360		01-May-2004
1418169 1			265,000.00		264,999.72		19-Aug-2004		5.300%		Ca - 62.35%		Paid Off - 360		01-May-2004
1428245 1			204,000.00		204,000.00		30-Aug-2004		7.500%		Ca - 81.60%		Paid Off - 360		01-Jun-2004
1429427 1			270,000.00		269,999.81		25-Aug-2004		6.650%		Ca - 90.00%		Paid Off - 360		01-May-2004
1433260 1			171,000.00		171,000.00		19-Aug-2004		7.400%		Ne - 95.00%		Paid Off - 360		01-Jun-2004
1433888 1			296,000.00		296,000.00		20-Aug-2004		5.950%		Ca - 80.00%		Paid Off - 360		01-Jun-2004
1441153 1			264,000.00		264,000.00		31-Aug-2004		6.900%		Ha - 80.00%		Paid Off - 360		01-May-2004
1449378 1			222,468.00		222,468.00		19-Aug-2004		5.150%		Ca - 80.00%		Paid Off - 360		01-Jun-2004
1450899 2			336,000.00		335,999.82		31-Aug-2004		5.950%		Ca - 80.00%		Paid Off - 360		01-May-2004
1450958 1			108,000.00		108,000.00		16-Aug-2004		6.900%		Ca - 80.00%		Paid Off - 360		01-Jun-2004
1451346 1			396,000.00		395,596.51		31-Aug-2004		6.950%		Ne - 90.00%		Paid Off - 360		01-May-2004
1452899 2			480,000.00		480,000.00		18-Aug-2004		6.750%		Ca - 80.00%		Paid Off - 360		01-May-2004
1463448 2			365,750.00		365,750.00		17-Aug-2004		6.500%		Ca - 95.00%		Paid Off - 360		01-Jun-2004
1499025 2			494,000.00		494,000.00		27-Aug-2004		6.600%		Ca - 95.00%		Paid Off - 360		01-Jun-2004
1499336 2			369,000.00		369,000.01		19-Aug-2004		6.450%		Ca - 84.83%		Paid Off - 360		01-Jun-2004
1511790 2			360,000.00		360,000.00		31-Aug-2004		6.450%		Ca - 80.00%		Paid Off - 360		01-Jun-2004


TOTAL			7,512,950.00		7,512,545.62
TOTAL


Page 18 of 24
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REMIC 2004-NC2

September 27, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



										Group 2		Group 1		Total


*Current*
*Current*



Number of Loans Liquidated									0		0		0
Collateral Principal Realized Loss/(Gain) Amount									0.00		0.00		0.00
Collateral Interest Realized Loss/(Gain) Amount									0.00		0.00		0.00
Net Liquidation Proceeds									0.00		0.00		0.00

*Cumulative*
*Cumulative*



Number of Loans Liquidated									0		0		0
Collateral Realized Loss/(Gain) Amount									0.00		0.00		0.00
Net Liquidation Proceeds									0.00		0.00		0.00










Page 19 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

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REMIC 2004-NC2

September 27, 2004 Distribution


DEFAULT SPEEDS



										Group 2		Group 1		Total



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


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


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


Loss Severity Approximation for Current Period									0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation									0.00%		0.00%		0.00%
12 Months Avg Loss Severity Approximation									0.00%		0.00%		0.00%
Avg Loss Severity Approximation Since Cut-off									0.00%		0.00%		0.00%












Page 20 of 24
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September 27, 2004 Distribution





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 21 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

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REMIC 2004-NC2

September 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Original		Prior			Current		State &

													First
&			Principal		Principal	Realized		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Loss/(Gain)		Rate		Origination		Term		Date

SPACE INTENTIONALLY LEFT BLANK
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 22 of 24
Securitized Asset Backed Receivables LLC 2004-NC2

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REMIC 2004-NC2

September 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
									Group 2		Group 1		Total
Trigger Event in effect (0=No , 1=Yes)													0
Stepdown Date has occurred (0 = No, 1=Yes)													0
Balances 60+ days includes Bankruptcy and Foreclosure													0.00
Ending Balance													393,121,005.69
Senior Enhancement Percentage													18.5000%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
									Group 2		Group 1		Total
Basis Risk CarryForward Amount Paid													0.00
Basis Risk CarryForward Amount Unpaid													0.00
Excess Reserve Fund Account Balance													0.00




Page 23 of 24
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September 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
									Group 2		Group 1		Total
Current Scheduled Payments									761,623.05		1,272,640.50		2,034,263.55
Current Scheduled Payments 1 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 2 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 3 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 4 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 5 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 6 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 7 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 8 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 9 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 10 Month Prior									0.00		0.00		0.00
Current Scheduled Payments 11 Month Prior									0.00		0.00		0.00





Sched. Payments for 60+Day Delinquent Loans									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 1 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 2 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 3 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 4 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 5 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 6 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 7 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 8 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 9 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 10 Month Prior									0.00		0.00		0.00
Sched. Pmts - 60+Day Delinquent Loans, 11 Month Prior									0.00		0.00		0.00




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