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): December 27, 2004 (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 December 27, 2004. 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~~Dec 2730, 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 December 27, 2004.

Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
				External Parties					Table of Contents
												Page
				Seller
									1. Certificate Payment Report					2
				Structured Asset Securitie
									2. Collection Account Report					4
									3. Credit Enhancement Report					6
									4. Collateral Report					7
				Certificate Insurer(s)					5. Delinquency Report					10
									6. REO Report					13
									7. Foreclosure Report					14
									8. Prepayment Report					15
									9. Prepayment Detail Report					18
									10. Realized Loss Report					1920
									11. Realized Loss Detail Report					2223
				Servicer(s)
									12. Triggers and Adj. Cert. Report					2324
				Litton Loan Servicing
									13. Other Related Information					2425
				Underwriter(s)
				Barclays Capital
									Total Number of Pages					2425
				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
									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		~~September~~December 27, 2004
									Factor Information:			(800) 735-7777
				Record Date:		~~August~~November 3130, 2004
									Main Phone Number:			(714) 247-6000
						September 24, 2004
						December 24, 2004
									https://www.corporatetrust.db.com/invr
									https://www.tss.db.com/invr
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC I
Current Period Distribution - REMIC II
					Prior											Current
	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, ~~FLT~~STEP	$	202,695,000.00		~~202~~190,~~695~~381,~~000~~121.0009	~~359~~409,~~065~~541.7568		36,~~782~~827,~~204~~929.0480		47,~~141~~237,~~269~~471.7948		0.00		0.00		~~198~~183,~~912~~553,~~795~~191.9629
A-2	~~STEP~~FLT, ~~FLT~~STEP	$	123,849,000.00		~~123~~112,~~849~~995,~~000~~598.0080	~~226~~249,~~488~~153.8682		39,~~764~~734,~~156~~685.3923		39,~~990~~983,~~645~~839.2505		0.00		0.00		~~120~~103,~~084~~260,~~843~~913.6157
M-1	MEZ, ~~STEP~~FLT, S	$	25,042,000.00		25,042,000.00	5059,~~845~~961.6935		0.00		5059,~~845~~961.6935		0.00		0.00		25,042,000.00
M-2	MEZ, ~~STEP~~FLT, S	$	19,032,000.00		19,032,000.00	4955,~~110~~404.4902		0.00		4955,~~110~~404.4902		0.00		0.00		19,032,000.00
M-3	MEZ, ~~STEP~~FLT, S	$	5,809,000.00		5,809,000.00	1618,~~161~~011.1205		0.00		1618,~~161~~011.1205		0.00		0.00		5,809,000.00
B-1	~~MEZ~~SUB, ~~STEP~~FLT, S	$	5,209,000.00		5,209,000.00	1618,~~783~~303.8378		0.00		1618,~~783~~303.8378		0.00		0.00		5,209,000.00
B-2	~~MEZ~~SUB, ~~STEP~~FLT, S	$	4,007,000.00		4,007,000.00	1314,~~278~~425.2015		0.00		1314,~~278~~425.2015		0.00		0.00		4,007,000.00
B-3	~~MEZ~~SUB, ~~STEP~~FLT, S	$	3,005,000.00		3,005,000.00	1213,~~712~~405.4060		0.00		1213,~~712~~405.4060		0.00		0.00		3,005,000.00
B-4	~~MEZ~~SUB, ~~STEP~~FLT, S	$	4,006,000.00		4,006,000.00	1617,~~947~~871.0516		0.00		1617,~~947~~871.0516		0.00		0.00		4,006,000.00
X	EXE	$	8,014,306.00		8,~~014~~013,~~306~~366.0012	1909,~~102,152~~772.0371		~~939~~0.8800		1909,~~103,091~~772.9171		0.00		0.00		8,013,366.12
P	EXE	$	0.00		0.00	7215,~~996~~073.7938		0.00		7215,~~996~~073.7938		0.00		0.00		0.00
R	R	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
Total			400,668,306.00		~~400~~377,~~668~~500,~~306~~086.0001	1,~~871~~980,~~542~~923.2170		716,~~547~~562,~~300~~615.3103		918,~~418~~543,~~842~~538.5273		0.00		0.00		~~393~~360,~~121~~937,~~005~~470.6998
Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-
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)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1	0811/2526/04		0912/26/04		A-Act/360	81375WBJ4		202,695,000.00		~~1,000~~939.~~000000~~249222		12.~~771458~~020482		1833.~~659582~~685734		2035.~~431041~~706216	~~981~~905.~~340418~~563488
A-2	0811/2526/04		0912/26/04		A-Act/360	81375WBA3		123,849,000.00		~~1,000~~912.~~000000~~365855		12.~~828750~~011755		3078.~~393111~~601242		3280.~~221861~~612997	~~969~~833.~~606889~~764613
M-1	0811/2526/04		0912/26/04		A-Act/360	81375WBB1		25,042,000.00		1,000.000000		2.~~030417~~394431		0.000000		2.~~030417~~394431	1,000.000000
M-2	0811/2526/04		0912/26/04		A-Act/360	81375WBC9		19,032,000.00		1,000.000000		2.~~580417~~911098		0.000000		2.~~580417~~911098	1,000.000000
M-3	0811/2526/04		0912/26/04		A-Act/360	81375WBD7		5,809,000.00		1,000.000000		23.~~782083~~100542		0.000000		23.~~782083~~100542	1,000.000000
B-1	0811/2526/04		0912/26/04		A-Act/360	81375WBE5		5,209,000.00		1,000.000000		3.~~222083~~513876		0.000000		3.~~222083~~513876	1,000.000000
B-2	0811/2526/04		0912/26/04		A-Act/360	81375WBF2		4,007,000.00		1,000.000000		3.~~313751~~599988		0.000000		3.~~313751~~599988	1,000.000000
B-3	0811/2526/04		0912/26/04		A-Act/360	81375WBG0		3,005,000.00		1,000.000000		4.~~230416~~461098		0.000000		4.~~230416~~461098	1,000.000000
B-4	0811/2526/04		0912/26/04		A-Act/360	81375WBH8		4,006,000.00		1,000.000000		4.~~230417~~461098		0.000000		4.~~230417~~461098	1,000.000000
X	0811/2526/04		0912/26/04		FA-Act/360	BC04C201X		8,014,306.00		~~1,000~~999.~~000000~~882725		~~137~~113.~~523078~~518589		0.~~117275~~000000		~~137~~113.~~640353~~518589	999.882725
P	0811/2526/04		0912/26/04		A-Act/360	BC04C201P		0.00		0.000000		0.000000		0.000000		0.000000	0.000000
R	0811/2526/04		0912/26/04		~~A-Act/360~~	~~BC04C201R~~0.00		0.00000000		0.000000		0.000000		0.000000		0.000000	~~0.000000~~
Page 2 of 24
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
Distribution to Date - REMIC I
Distribution to Date - REMIC II
																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~~1,~~065~~492,306.7541		319,~~782~~141,~~204~~808.0471	0.00		319,~~782~~141,~~204~~808.0471		420,~~141~~634,~~269~~115.7912		0.00		0.00		~~198~~183,~~912~~553,~~795~~191.9629
A-2	123,849,000.00		~~226~~925,~~488~~027.8618		320,~~764~~588,~~156~~086.3943	0.00		320,~~764~~588,~~156~~086.3943		321,~~990~~513,~~645~~113.2561		0.00		0.00		~~120~~103,~~084~~260,~~843~~913.6157
M-1	25,042,000.00		50214,~~845~~703.6951		0.00	0.00		0.00		50214,~~845~~703.6951		0.00		0.00		25,042,000.00
M-2	19,032,000.00		49202,~~110~~508.4917		0.00	0.00		0.00		49202,~~110~~508.4917		0.00		0.00		19,032,000.00
M-3	5,809,000.00		1666,~~161~~212.1203		0.00	0.00		0.00		1666,~~161~~212.1203		0.00		0.00		5,809,000.00
B-1	5,209,000.00		1667,~~783~~985.8334		0.00	0.00		0.00		1667,~~783~~985.8334		0.00		0.00		5,209,000.00
B-2	4,007,000.00		1353,~~278~~677.2061		0.00	0.00		0.00		1353,~~278~~677.2061		0.00		0.00		4,007,000.00
B-3	3,005,000.00		1250,~~712~~605.4042		0.00	0.00		0.00		1250,~~712~~605.4042		0.00		0.00		3,005,000.00
B-4	4,006,000.00		1667,~~947~~462.0565		0.00	0.00		0.00		1667,~~947~~462.0565		0.00		0.00		4,006,000.00
X	8,014,306.00		14,~~102~~126,~~152~~058.0370		939.88	0.00		939.88		14,~~103~~126,~~091~~998.9158		0.00		0.00		8,013,366.12
P	0.00		7437,~~996~~457.7998		0.00	0.00		0.00		7437,~~996~~457.7998		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		17,~~871~~704,~~542~~005.2100		739,~~547~~730,~~300~~835.3102	0.00		739,~~547~~730,~~300~~835.3102		947,~~418~~434,~~842~~840.5202		0.00		0.00		~~393~~360,~~121~~937,~~005~~470.6998
Interest Detail - REMIC I
Interest Detail - REMIC II
	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		Adjustment		Interest		Interest		Interest
					(1)	(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1	12.~~93250~~49813%		~~202~~190,~~695~~381,~~000~~121.0009		~~359~~409,~~065~~541.7568	0.00		0.00		0.00		~~359~~409,~~065~~541.7568		~~359~~409,~~065~~541.7568		0.00
A-2	12.~~99500~~56063%		~~123~~112,~~849~~995,~~000~~598.0080		~~226~~249,~~488~~153.8682	0.00		0.00		0.00		~~226~~249,~~488~~153.8682		~~226~~249,~~488~~153.8682		0.00
M-1	2.~~21500~~78063%		25,042,000.00		5059,~~845~~961.6935	0.00		0.00		0.00		5059,~~845~~961.6935		5059,~~845~~961.6935		0.00
M-2	23.~~81500~~38063%		19,032,000.00		4955,~~110~~404.4902	0.00		0.00		0.00		4955,~~110~~404.4902		4955,~~110~~404.4902		0.00
M-3	3.~~03500~~60063%		5,809,000.00		1618,~~161~~011.1205	0.00		0.00		0.00		1618,~~161~~011.1205		1618,~~161~~011.1205		0.00
B-1	34.~~51500~~08063%		5,209,000.00		1618,~~783~~303.8378	0.00		0.00		0.00		1618,~~783~~303.8378		1618,~~783~~303.8378		0.00
B-2	34.~~61500~~18063%		4,007,000.00		1314,~~278~~425.2015	0.00		0.00		0.00		1314,~~278~~425.2015		1314,~~278~~425.2015		0.00
B-3	45.~~61500~~18063%		3,005,000.00		1213,~~712~~405.4060	0.00		0.00		0.00		1213,~~712~~405.4060		1213,~~712~~405.4060		0.00
B-4	45.~~61500~~18063%		4,006,000.00		1617,~~947~~871.0516	0.00		0.00		0.00		1617,~~947~~871.0516		1617,~~947~~871.0516		0.00
X	~~150~~131.~~02518~~84350%		8,~~014~~013,~~306~~366.0012		0.00	0.00		0.00		0.00		0.00		1909,~~102,152~~772.0371		0.00
P	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		7215,~~996~~073.7938		0.00
R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
Total			~~400~~377,~~668~~500,~~306~~086.0001		~~761~~856,~~393~~077.3961	0.00		0.00		0.00		~~761~~856,~~393~~077.3961		1,~~871~~980,~~542~~923.2170		0.00
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
Collection Account Report
SUMMARY
									Group 2		Group 1		Total
Principal Collections									39,~~764~~734,~~625~~685.1923		36,~~782~~827,~~675~~929.0880		716,~~547~~562,~~300~~615.2703
Principal Withrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									39,~~764~~734,~~625~~685.1923		36,~~782~~827,~~675~~929.0880		716,~~547~~562,~~300~~615.2703
Interest Collections									~~710~~664,~~476~~933.9284		1,~~190~~130,~~135~~682.7763		1,~~900~~795,~~612~~616.6948
Interest Withdrawals									-0.00		-0.00		-0.00
Interest Other Accounts									0.00		0.00		7215,~~996~~073.7938
Interest Fees									-1311,~~602~~570.6345		-2318,~~464~~195.6070		-3729,~~067~~766.2315
TOTAL NET INTEREST									~~696~~653,~~874~~363.2939		1,~~166~~112,~~671~~486.1794		1,~~871~~980,~~542~~923.2571
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION									410,~~461~~388,~~499~~048.4862		47,~~949~~940,~~346~~416.2574		918,~~418~~543,~~842~~538.5274
PRINCIPAL - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Principal Received										0.00		0.00		0.00
Prepayments In Full										39,~~754~~732,~~749~~345.5844		36,~~757~~821,~~796~~892.0456		716,~~512~~554,~~545~~238.6200
Curtailments										92,~~875~~339.6179		246,~~879~~037.0424		348,~~754~~377.6503
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										39,~~764~~734,~~625~~685.1923		36,~~782~~827,~~675~~929.0880		716,~~547~~562,~~300~~615.2703
PRINCIPAL - WITHDRAWALS
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
									Group 2		Group 1		Total
TOTAL OTHER ACCOUNTS PRINCIPAL									0.00		0.00		0.00
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
INTEREST - COLLECTIONS
									Group 2		Group 1		Total
Scheduled Interest									~~761~~713,~~623~~487.0550		1,~~272~~213,~~640~~209.5032		21,~~034~~926,~~263~~696.5582
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									-422,~~025~~324.2076		-319,~~093~~956.7027		-742,~~118~~281.9003
Compensating Interest									422,~~025~~324.2076		319,~~093~~956.7027		742,~~118~~281.9003
Delinquent Interest									-~~615~~587,~~263~~272.2892		-1,~~012~~014,~~094~~360.0248		-1,~~627~~601,~~357~~633.3040
Interest Advanced									~~564~~538,~~117~~719.1526		~~929~~931,~~589~~833.2980		1,~~493~~470,~~706~~553.4405
TOTAL INTEREST COLLECTED									~~710~~664,~~476~~933.9284		1,~~190~~130,~~135~~682.7763		1,~~900~~795,~~612~~616.6948
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
									Group 2		Group 1		Total
Prepayment Charges													7215,~~996~~073.7938
TOTAL INTEREST OTHER ACCOUNTS									0.00		0.00		7215,~~996~~073.7938
INTEREST - FEES
									Group 2		Group 1		Total
Current Servicing Fees									1210,~~171~~241.6568		2115,~~122~~969.6268		3326,~~294~~211.2636
Current Trustee Fees									1,~~430~~328.9877		2,~~341~~226.9802		3,~~772~~554.9679
TOTAL INTEREST OTHER FEES									1311,~~602~~570.6345		2318,~~464~~195.6070		3729,~~067~~766.2315
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES
									Group 2		Group 1		Total
Overcollateralization Amount													8,~~014~~013,~~305~~366.9612
Overcollateralization Target Amount													8,013,366.12
Overcollateralization Deficiency Amount													0.00
Overcollateralization Release Amount													~~939~~0.8400
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
Collateral Report
COLLATERAL
										Group 2		Group 1		Total
Loan Count:
Original									372		1,123		1,495
Prior									~~372~~345		1,~~123~~072		1,~~495~~417
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-924		-1527		-2451
Repurchases									-0		-0		-0
Liquidations									-0		-0		-0
Current									~~363~~321		1,~~108~~045		1,~~471~~366
Principal Balance:
Original									151,962,676.93		248,705,629.03		400,668,305.96
Prior									~~151~~141,~~962~~108,~~676~~806.93		~~248~~236,~~705~~391,~~629~~279.0308		~~400~~377,~~668~~500,~~305~~086.9601
Prefunding									0.00		0.00		0.00
Scheduled Principal									-0.00		-0.00		-0.00
Partial Prepayments									-92,~~875~~339.6179		-246,~~879~~037.0424		-348,~~754~~377.6503
Full Voluntary Prepayments									-39,~~754~~732,~~749~~345.5844		-36,~~757~~821,~~796~~892.0456		-716,~~512~~554,~~545~~238.6200
Repurchases									-0.00		-0.00		-0.00
Liquidations									-0.00		-0.00		-0.00
Current									~~148~~131,~~198~~374,~~051~~121.7470		~~244~~229,~~922~~563,~~953~~349.9528		~~393~~360,~~121~~937,~~005~~470.6998
PREFUNDING
SPACE INTENTIONALLY LEFT BLANK
Page 7 of 24
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Coupon Original									6.01429%		6.14047%		6.09261%
Weighted Average Coupon Prior									6.~~01429~~04682%		6.~~14047~~15467%		6.~~09261~~11401%
Weighted Average Coupon Current									6.~~01429~~06755%		6.~~14047~~15865%		6.~~09261~~12460%
Weighted Average Months to Maturity Original									349		353		351
Weighted Average Months to Maturity Prior									~~349~~347		~~353~~351		~~351~~349
Weighted Average Months to Maturity Current									~~349~~346		~~353~~350		~~351~~348
Weighted Avg Remaining Amortization Term Original									349		353		351
Weighted Avg Remaining Amortization Term Prior									~~349~~347		~~353~~351		~~351~~349
Weighted Avg Remaining Amortization Term Current									~~349~~346		~~353~~350		~~351~~348
Weighted Average Seasoning Original									4.78		4.73		4.75
Weighted Average Seasoning Prior									46.78		46.7372		46.7574
Weighted Average Seasoning Current									47.78		47.7371		47.7574
Page 8 of 24
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
ARM CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Margin Original									5.25501%		5.37059%		5.32675%
Weighted Average Margin Prior									5.~~25501~~26488%		5.~~37059~~37013%		5.~~32675~~33044%
Weighted Average Margin Current									5.~~25501~~26971%		5.~~37059~~37115%		5.~~32675~~33323%
Weighted Average Max Rate Original									13.01491%		13.13953%		13.09226%
Weighted Average Max Rate Prior									13.~~01491~~00998%		13.~~13953~~13434%		13.~~09226~~08745%
Weighted Average Max Rate Current									13.~~01491~~01435%		13.~~13953~~13249%		13.~~09226~~08833%
Weighted Average Min Rate Original									5.99875%		6.13360%		6.08245%
Weighted Average Min Rate Prior									5.~~99875~~99454%		6.~~13360~~12804%		6.~~08245~~07770%
Weighted Average Min Rate Current									56.~~99875~~00258%		6.~~13360~~12589%		6.~~08245~~07980%
Weighted Average Cap Up Original									1.65601%		1.56790%		1.60132%
Weighted Average Cap Up Prior									1.~~65601~~65242%		1.~~56790~~56730%		1.~~60132~~59940%
Weighted Average Cap Up Current									1.~~65601~~64820%		1.~~56790~~56590%		1.~~60132~~59666%
Weighted Average Cap Down Original									1.65601%		1.56790%		1.60132%
Weighted Average Cap Down Prior									1.~~65601~~65242%		1.~~56790~~56730%		1.~~60132~~59940%
Weighted Average Cap Down Current									1.~~65601~~64820%		1.~~56790~~56590%		1.~~60132~~59666%
SERVICING FEES & ADVANCES
										Group 2		Group 1		Total
Current Servicing Fees									1210,~~171~~241.6568		2115,~~122~~969.6268		3326,~~294~~211.2636
Delinquent Servicing Fees									5148,~~146~~553.1466		82,~~504~~526.7369		~~133~~131,~~650~~080.8634
TOTAL SERVICING FEES									6358,~~317~~795.7834		~~103~~98,~~627~~496.3537		~~166~~157,~~945~~291.1370
Compensating Interest									-422,~~025~~324.2076		-319,~~093~~956.7027		-742,~~118~~281.9003
Delinquent Servicing Fees									-5148,~~146~~553.1466		-82,~~504~~526.7369		-~~133~~131,~~650~~080.8634
COLLECTED SERVICING FEES									8-12,~~146~~083.4408		18-3,~~028~~986.9259		26-16,~~175~~069.3667
Aggregate Advances with respect to this Distribution									~~564~~538,~~117~~719.1526		~~929~~931,~~589~~833.2980		1,~~493~~470,~~706~~553.4405
ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Net Prepayment Interest Shortfall									0.00		0.00		0.00
Libor For Current Period													12.~~6150~~1806%
Page 9 of 24
Page 9 of 25
Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
Delinquency Report
	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			23,~~171~~694,~~520~~886.0073		~~570~~1,~~799~~465,610.7056		01,270,799.0070		26,~~742~~431,~~319~~296.7099
			% Balance			01.5502%		0.1541%		0.0035%		01.7078%
			# Loans			814		27		04		1025
			% # Loans			01.5402%		0.1451%		0.0029%		01.6883%
	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	23,~~171~~694,~~520~~886.0073		~~570~~1,~~799~~465,610.7056		01,270,799.0070		26,~~742~~431,~~319~~296.7099
			% Balance		0.00%	01.5502%		0.1541%		0.0035%		01.7078%
			# Loans		0	814		27		04		1025
			% # Loans		0.00%	01.5402%		0.1451%		0.0029%		01.6883%
Page 10 of 24
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			~~653~~2,~~520~~854,086.0073		~~197~~1,~~999~~065,711.7040		0197,999.0070		~~851~~4,~~519~~117,797.7083
			% Balance			01.2724%		0.0846%		0.0009%		01.3579%
			# Loans			412		16		01		519
			% # Loans			01.3615%		0.0957%		0.0010%		01.4582%
	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~~2,~~520~~854,086.0073		~~197~~1,~~999~~065,711.7040		0197,999.0070		~~851~~4,~~519~~117,797.7083
			% Balance		0.00%	01.2724%		0.0846%		0.0009%		01.3579%
			# Loans		0	412		16		01		519
			% # Loans		0.00%	01.3615%		0.0957%		0.0010%		01.4582%
Page 11 of 24
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			1840,~~518,000~~800.00		~~372~~399,~~800~~899.0016		01,072,800.00		12,~~890~~313,~~800~~499.0016
			% Balance			10.0264%		0.2530%		0.0082%		1.2876%
			# Loans			42		1		03		56
			% # Loans			10.1062%		0.2831%		0.0093%		1.3887%
	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	1840,~~518,000~~800.00		~~372~~399,~~800~~899.0016		01,072,800.00		12,~~890~~313,~~800~~499.0016
			% Balance		0.00%	10.0264%		0.2530%		0.0082%		1.2876%
			# Loans		0	42		1		03		56
			% # Loans		0.00%	10.1062%		0.2831%		0.0093%		1.3887%
Page 12 of 24
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 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
TOTAL
Page 13 of 24
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 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
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
Prepayment Report
VOLUNTARY PREPAYMENTS
										Group 2		Group 1		Total
Current
Number of Paid in Full Loans									924		1527		2451
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									924		1527		2451
Curtailments Amount									92,~~875~~339.6179		246,~~879~~037.0424		348,~~754~~377.6503
Paid in Full Balance									39,~~754~~732,~~749~~345.5844		36,~~757~~821,~~796~~892.0456		716,~~512~~554,~~545~~238.6200
Repurchased Loans Balance									0.00		0.00		0.00
Total Prepayment Amount									39,~~764~~734,~~625~~685.1923		36,~~782~~827,~~675~~929.0880		716,~~547~~562,~~300~~615.2703
Cumulative
Number of Paid in Full Loans									951		1578		24129
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									951		1578		24129
Paid in Full Balance									320,~~754~~565,~~749~~672.5802		319,~~757~~097,~~796~~661.0461		739,~~512~~663,~~545~~333.6263
Repurchased Loans Balance									0.00		0.00		0.00
Curtailments Amount									922,~~875~~883.6121		2444,~~879~~618.0414		3467,~~754~~501.6535
Total Prepayment Amount									320,~~764~~588,~~625~~555.1923		319,~~782~~142,~~675~~279.0875		739,~~547~~730,~~300~~834.2798
Page 15 of 24
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Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
VOLUNTARY PREPAYMENTS RATES
										Group 2		Group 1		Total
SMM									26.4890%		12.5289%		14.8839%
3 Months Avg SMM									23.4894%		12.5214%		12.8881%
12 Months Avg SMM									23.4857%		1.5298%		12.8858%
Avg SMM Since Cut-off									23.4857%		1.5298%		12.8858%
CPR									2557.9959%		1629.8065%		2041.4063%
3 Months Avg CPR									2538.9925%		1622.8082%		2028.4094%
12 Months Avg CPR									2535.9939%		1621.8036%		2026.4090%
Avg CPR Since Cut-off									2535.9939%		1621.8036%		2026.4090%
PSA									23,~~717~~702.7948%		1,~~777~~921.6182%		2,~~149~~690.1930%
3 Months Avg PSA Approximation									2,~~717~~821.8067%		1,~~777~~698.6018%		2,~~149~~146.1961%
12 Months Avg PSA Approximation									2,~~717~~818.8018%		1,~~777~~716.6065%		2,~~149~~154.1930%
Avg PSA Since Cut-off Approximation									2,~~717~~818.8019%		1,~~777~~716.6065%		2,~~149~~154.1930%
Page 16 of 24
Page 16 of 25
Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 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))
	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
Page 17 of 25
Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 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	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
1316654 1			118,400.00		118,365.90		04-Nov-2004		6.875%		Ne - 80.00%		Paid Off - 360		4/1/2004
1367332 2			387,000.00		387,000.00		16-Aug-2004		5.125%		Ca - 88.97%		Paid Off - 300		01-Jun-2004
1337860 1			303,200.00		303,200.00		16-Nov-2004		6.375%		Ca - 80.00%		Paid Off - 360		5/1/2004
1370971 1			254,332.00		254,332.00		26-Aug-2004		6.650%		Ne - 79.98%		Paid Off - 360		01-Apr-2004
1338098 1			250,000.00		249,955.14		08-Nov-2004		6.950%		Ca - 56.18%		Paid Off - 360		4/1/2004
1372154 2			595,000.00		594,999.75		31-Aug-2004		4.750%		Ca - 85.00%		Paid Off - 300		01-Apr-2004
1348208 1			219,300.00		219,287.97		04-Nov-2004		5.250%		Ca - 85.00%		Paid Off - 300		4/1/2004
1375399 1			280,000.00		280,000.00		30-Aug-2004		6.550%		Ca - 80.00%		Paid Off - 360		01-May-2004
1361630 2			363,200.00		363,003.42		10-Nov-2004		5.750%		Ca - 80.00%		Paid Off - 300		4/1/2004
1386323 2			368,000.00		368,000.00		26-Aug-2004		5.900%		Ca - 80.00%		Paid Off - 360		01-Apr-2004
1370082 2			405,000.00		405,000.00		29-Nov-2004		6.350%		Ca - 90.00%		Paid Off - 360		5/1/2004
1400794 1			267,750.00		267,750.00		27-Aug-2004		5.950%		Ca - 85.00%		Paid Off - 360		01-May-2004
1372654 1			256,000.00		256,000.00		30-Nov-2004		6.620%		Ca - 80.00%		Paid Off - 360		4/1/2004
1403274 1			248,000.00		248,000.00		31-Aug-2004		6.500%		Ca - 80.00%		Paid Off - 360		01-May-2004
1373999 1			316,000.00		316,000.00		29-Nov-2004		5.800%		Ca - 80.00%		Paid Off - 360		4/1/2004
1415557 1			292,000.00		292,000.00		27-Aug-2004		5.500%		Ca - 80.00%		Paid Off - 360		01-May-2004
1374937 2			349,600.00		349,600.00		29-Nov-2004		6.800%		Ca - 80.00%		Paid Off - 360		4/1/2004
1418169 1			265,000.00		264,999.72		19-Aug-2004		5.300%		Ca - 62.35%		Paid Off - 360		01-May-2004
1375513 2			428,000.00		428,000.00		30-Nov-2004		6.550%		Il - 80.00%		Paid Off - 360		4/1/2004
1428245 1			204,000.00		204,000.00		30-Aug-2004		7.500%		Ca - 81.60%		Paid Off - 360		01-Jun-2004
1377450 2			365,000.00		365,000.00		23-Nov-2004		6.650%		Il - 76.84%		Paid Off - 360		5/1/2004
1429427 1			270,000.00		269,999.81		25-Aug-2004		6.650%		Ca - 90.00%		Paid Off - 360		01-May-2004
1380138 1			215,200.00		215,200.00		16-Nov-2004		6.925%		Ca - 80.00%		Paid Off - 360		4/1/2004
1433260 1			171,000.00		171,000.00		19-Aug-2004		7.400%		Ne - 95.00%		Paid Off - 360		01-Jun-2004
1390695 1			212,500.00		212,500.00		15-Nov-2004		6.400%		Ca - 82.36%		Paid Off - 360		5/1/2004
1433888 1			296,000.00		296,000.00		20-Aug-2004		5.950%		Ca - 80.00%		Paid Off - 360		01-Jun-2004
1390813 1			280,000.00		279,919.64		01-Nov-2004		6.850%		Ar - 80.00%		Paid Off - 360		6/1/2004
1441153 1			264,000.00		264,000.00		31-Aug-2004		6.900%		Ha - 80.00%		Paid Off - 360		01-May-2004
1392386 2			408,000.00		407,999.64		18-Nov-2004		5.150%		Ca - 80.00%		Paid Off - 360		5/1/2004
1449378 1			222,468.00		222,468.00		19-Aug-2004		5.150%		Ca - 80.00%		Paid Off - 360		01-Jun-2004
1393763 1			386,100.00		386,100.00		22-Nov-2004		7.000%		Ca - 90.00%		Paid Off - 360		5/1/2004
1450899 2			336,000.00		335,999.82		31-Aug-2004		5.950%		Ca - 80.00%		Paid Off - 360		01-May-2004
1397059 1			195,500.00		195,500.00		19-Nov-2004		6.990%		Ca - 83.19%		Paid Off - 360		5/1/2004
1450958 1			108,000.00		108,000.00		16-Aug-2004		6.900%		Ca - 80.00%		Paid Off - 360		01-Jun-2004
1398038 1			156,000.00		156,000.00		17-Nov-2004		5.250%		Ca - 80.00%		Paid Off - 360		6/1/2004
1451346 1			396,000.00		395,596.51		31-Aug-2004		6.950%		Ne - 90.00%		Paid Off - 360		01-May-2004
1398060 2			337,500.00		337,500.00		10-Nov-2004		6.350%		Ca - 90.00%		Paid Off - 360		5/1/2004
1452899 2			480,000.00		480,000.00		18-Aug-2004		6.750%		Ca - 80.00%		Paid Off - 360		01-May-2004
1403070 1			276,000.00		276,000.00		03-Nov-2004		5.900%		Ca - 80.00%		Paid Off - 360		5/1/2004
1463448 2			365,750.00		365,750.00		17-Aug-2004		6.500%		Ca - 95.00%		Paid Off - 360		01-Jun-2004
1404620 1			314,000.00		314,000.00		15-Nov-2004		6.150%		Ne - 87.22%		Paid Off - 360		5/1/2004
1499025 2			494,000.00		494,000.00		27-Aug-2004		6.600%		Ca - 95.00%		Paid Off - 360		01-Jun-2004
1412741 2			350,000.00		350,000.00		02-Nov-2004		6.400%		Ca - 89.06%		Paid Off - 360		5/1/2004
1499336 2			369,000.00		369,000.01		19-Aug-2004		6.450%		Ca - 84.83%		Paid Off - 360		01-Jun-2004
1412800 2			346,770.00		346,705.92		05-Nov-2004		5.800%		Ca - 80.00%		Paid Off - 360		5/1/2004
1511790 2			360,000.00		360,000.00		31-Aug-2004		6.450%		Ca - 80.00%		Paid Off - 360		01-Jun-2004
1421884 1			320,000.00		320,000.00		15-Nov-2004		6.150%		Ne - 80.00%		Paid Off - 360		5/1/2004
TOTAL			7,512,950.00		7,512,545.62
1424436 1			200,000.00		200,000.00		12-Nov-2004		6.400%		Ca - 78.43%		Paid Off - 360		5/1/2004
Page 18 of 24
1429517 2			423,000.00		422,908.48		03-Nov-2004		5.150%		Co - 90.00%		Paid Off - 360		6/1/2004
1431726 1			333,000.00		332,999.99		01-Nov-2004		6.250%		Ca - 83.67%		Paid Off - 360		5/1/2004
1431953 2			368,400.00		368,400.00		29-Nov-2004		6.050%		Ca - 80.00%		Paid Off - 360		5/1/2004
1432005 2			409,500.00		409,358.08		29-Nov-2004		5.990%		Ne - 90.00%		Paid Off - 360		5/1/2004
1432107 1			144,000.00		144,000.00		17-Nov-2004		6.250%		Co - 68.57%		Paid Off - 360		5/1/2004
1432482 2			409,500.00		409,499.19		29-Nov-2004		6.550%		Ca - 90.00%		Paid Off - 360		6/1/2004
1434064 1			310,500.00		310,500.00		04-Nov-2004		5.400%		Ne - 90.00%		Paid Off - 360		6/1/2004
1440759 1			312,750.00		312,750.00		10-Nov-2004		6.600%		Ca - 75.00%		Paid Off - 360		5/1/2004
1442074 2			400,000.00		400,000.00		29-Nov-2004		6.650%		Ca - 79.68%		Paid Off - 360		5/1/2004
1442413 2			420,000.00		420,000.00		03-Nov-2004		6.900%		Ca - 80.00%		Paid Off - 360		5/1/2004
1445610 2			460,000.00		460,000.00		02-Nov-2004		5.900%		Ca - 80.00%		Paid Off - 360		5/1/2004
1446094 1			300,800.00		300,800.00		11-Nov-2004		6.600%		Il - 80.00%		Paid Off - 360		5/1/2004
Page 18 of 25
Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date
1447435 2			373,384.00		373,275.42		10-Nov-2004		6.900%		Ne - 80.00%		Paid Off - 360		5/1/2004
1448856 1			254,400.00		254,257.85		22-Nov-2004		6.650%		Ca - 80.00%		Paid Off - 360		5/1/2004
1449483 2			405,000.00		405,000.00		19-Nov-2004		6.350%		Ca - 87.28%		Paid Off - 360		5/1/2004
1461274 2			414,000.00		414,000.00		15-Nov-2004		6.900%		Ca - 90.00%		Paid Off - 360		6/1/2004
1472666 1			279,000.00		279,000.00		01-Nov-2004		7.000%		Ca - 90.00%		Paid Off - 360		6/1/2004
1477983 2			390,000.00		390,000.00		19-Nov-2004		5.890%		Ca - 74.29%		Paid Off - 360		6/1/2004
1481655 1			192,000.00		192,000.00		17-Nov-2004		6.475%		Ca - 80.00%		Paid Off - 360		6/1/2004
1493692 2			599,200.00		599,200.00		29-Nov-2004		6.050%		Ca - 80.00%		Paid Off - 360		6/1/2004
1494247 2			402,300.00		402,300.00		19-Nov-2004		5.450%		Ca - 90.00%		Paid Off - 360		6/1/2004
1495958 1			190,475.00		190,356.07		15-Nov-2004		7.400%		Ar - 95.00%		Paid Off - 360		6/1/2004
1496926 1			336,000.00		336,000.00		23-Nov-2004		6.950%		Ma - 80.00%		Paid Off - 360		6/1/2004
1515188 2			405,600.00		405,600.00		08-Nov-2004		6.450%		Ca - 80.00%		Paid Off - 360		6/1/2004
1515404 2			500,000.00		499,995.29		03-Nov-2004		8.150%		Ca - 94.70%		Paid Off - 360		6/1/2004
1521664 1			151,200.00		151,200.00		01-Nov-2004		6.600%		Ha - 80.00%		Paid Off - 360		6/1/2004
TOTAL			16,555,279.00		16,554,238.00
Page 19 of 25
Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
2004-NC2
December 27, 2004 Distribution
Realized Loss Report
COLLATERAL REALIZED LOSSES
										Group 2		Group 1		Total
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
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
Page 20 of 25
Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 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
Page 21 of 25
Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 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
Page 22 of 25
Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			~~Original~~Current		~~Prior~~State &			~~Current~~Prior		~~State &~~Realized				Cumulative
													First
&		Loan	Note		LTV at	Original		Principal		Loss/(Gain)		Realized		Realized
&			Principal		Principal	Realized		Note		LTV at		Original		Payment
Loan Group		Status	Rate		Origination	Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
Loan Group			Balance		Balance	Loss/(Gain)		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK
TOTAL
Page 22 of 24
Page 23 of 25
Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
Triggers and Adj. Cert. Report
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													06,251,505.0095
Ending Balance													~~393~~360,~~121~~937,~~005~~470.6998
Senior Enhancement Percentage													1819.~~5000~~6400%
ADJUSTABLE RATE CERTIFICATE INFORMATION
SPACE INTENTIONALLY LEFT BLANK
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
Page 24 of 25
Securitized Asset Backed Receivables LLC 2004-NC2
Mortgage Pass-Through Certificates
REMIC 2004-NC2
2004-NC2
September 27, 2004 Distribution
December 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION
									Group 2		Group 1		Total
Current Scheduled Payments									~~761~~713,~~623~~487.0550		1,~~272~~213,~~640~~209.5032		21,~~034~~926,~~263~~696.5582
Current Scheduled Payments 1 Month Prior									0734,998.0058		01,235,890.0073		01,970,889.0031
Current Scheduled Payments 2 Month Prior									0744,726.0053		01,253,858.0062		01,998,585.0014
Current Scheduled Payments 3 Month Prior									0761,623.0006		01,272,640.0050		02,034,263.0055
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
Page 24 of 24
Page 25 of 25

Filing Compare · SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST 2004-NC2