
                                     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 November 1, 2004,
                providing for the issuance of Securitized Asset Backed
                Receivables LLC Trust 2004-NC3 Mortgage Pass-Through
                           Certificates, Series 2004-NC3)
                 (Exact name of registrant as specified in charter)

                                         DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-108395-09                        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:  Dec 28, 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.



Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller								Page
				Seller					1. Certificate Payment Report					2
				Barclay's SABR					1. Certificate Payment Report					2
				Barclay's SABR					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:		November 01, 2004			John Ingham
				Close Date:		November 23, 2004			Administrator
				First Distribution Date:		December 27, 2004			(714) 247-6456
									john.ingham@db.com
									john.ingham@db.com
									Address:
									1761 E. St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		December 27, 2004
									Factor Information:			(800) 735-7777
				Record Date:		November 30, 2004			Factor Information:			(800) 735-7777
									Main Phone Number:			(714) 247-6000

						December 24, 2004
						December 24, 2004

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






Page 1 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC II
					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	FLT	$	168,437,000.00		168,437,000.00	403,266.25		4,152,691.15		4,555,957.40		0.00		0.00		164,284,308.85
A-1	FLT	$	168,437,000.00		168,437,000.00	403,266.25		4,152,691.15		4,555,957.40		0.00		0.00		164,284,308.85
A-2	FLT	$	77,054,000.00		77,054,000.00	184,843.98		4,901,636.72		5,086,480.70		0.00		0.00		72,152,363.28
M-1	MEZ	$	18,803,000.00		18,803,000.00	49,723.49		0.00		49,723.49		0.00		0.00		18,803,000.00
M-2	MEZ	$	14,591,000.00		14,591,000.00	45,061.87		0.00		45,061.87		0.00		0.00		14,591,000.00
M-3	MEZ	$	4,513,000.00		4,513,000.00	14,704.86		0.00		14,704.86		0.00		0.00		4,513,000.00
B-1	SUB	$	3,610,000.00		3,610,000.00	13,467.31		0.00		13,467.31		0.00		0.00		3,610,000.00
B-2	SUB	$	3,460,000.00		3,460,000.00	13,299.86		0.00		13,299.86		0.00		0.00		3,460,000.00
B-3	SUB	$	2,105,000.00		2,105,000.00	10,238.49		0.00		10,238.49		0.00		0.00		2,105,000.00
B-4	SUB	$	3,009,000.00		3,009,000.00	14,635.44		0.00		14,635.44		0.00		0.00		3,009,000.00
X	NPR/EXE	$	5,265,239.00		5,265,239.00	754,124.02		412.26		754,536.28		0.00		0.00		5,264,826.74
P	EXE	$	0.00		0.00	57,678.82		0.00		57,678.82		0.00		0.00		0.00
R-1	RES	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
R-2	RES	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			300,847,239.00		300,847,239.00	1,561,044.39		9,054,740.13		10,615,784.52		0.00		0.00		291,792,498.87
Total




Interest Accrual Detail Current Period Factor Information per $1,000 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	11/23/04		12/26/04		A-Act/360	81375WCL8		168,437,000.00		1,000.000000		2.394167		24.654269		27.048436	975.345731
A-2	11/23/04		12/26/04		A-Act/360	81375WCH7		77,054,000.00		1,000.000000		2.398889		63.613008		66.011897	936.386992
M-1	11/23/04		12/26/04		A-Act/360	81375WCJ3		18,803,000.00		1,000.000000		2.644445		0.000000		2.644445	1,000.000000
M-2	11/23/04		12/26/04		A-Act/360	81375WCK0		14,591,000.00		1,000.000000		3.088333		0.000000		3.088333	1,000.000000
M-3	11/23/04		12/26/04		A-Act/360	81375WCC8		4,513,000.00		1,000.000000		3.258334		0.000000		3.258334	1,000.000000
B-1	11/23/04		12/26/04		A-Act/360	81375WCD6		3,610,000.00		1,000.000000		3.730557		0.000000		3.730557	1,000.000000
B-2	11/23/04		12/26/04		A-Act/360	81375WCE4		3,460,000.00		1,000.000000		3.843890		0.000000		3.843890	1,000.000000
B-3	11/23/04		12/26/04		A-Act/360	81375WCF1		2,105,000.00		1,000.000000		4.863891		0.000000		4.863891	1,000.000000
B-4	11/23/04		12/26/04		A-Act/360	81375WCG9		3,009,000.00		1,000.000000		4.863888		0.000000		4.863888	1,000.000000
X	11/23/04		12/26/04		A-Act/360			5,265,239.00		1,000.000000		143.226930		0.078298		143.305229	999.921702
P	11/23/04		12/26/04		A-Act/360			0.00		0.000000		0.000000		0.000000		0.000000	0.000000
R-1	11/23/04		12/26/04		A-Act/360			0.00		0.000000		0.000000		0.000000		0.000000	0.000000
R-2	11/23/04		12/26/04		A-Act/360			0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 2 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution

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	168,437,000.00		403,266.25		4,152,691.15	0.00		4,152,691.15		4,555,957.40		0.00		0.00		164,284,308.85
A-2	77,054,000.00		184,843.98		4,901,636.72	0.00		4,901,636.72		5,086,480.70		0.00		0.00		72,152,363.28
M-1	18,803,000.00		49,723.49		0.00	0.00		0.00		49,723.49		0.00		0.00		18,803,000.00
M-2	14,591,000.00		45,061.87		0.00	0.00		0.00		45,061.87		0.00		0.00		14,591,000.00
M-3	4,513,000.00		14,704.86		0.00	0.00		0.00		14,704.86		0.00		0.00		4,513,000.00
B-1	3,610,000.00		13,467.31		0.00	0.00		0.00		13,467.31		0.00		0.00		3,610,000.00
B-2	3,460,000.00		13,299.86		0.00	0.00		0.00		13,299.86		0.00		0.00		3,460,000.00
B-3	2,105,000.00		10,238.49		0.00	0.00		0.00		10,238.49		0.00		0.00		2,105,000.00
B-4	3,009,000.00		14,635.44		0.00	0.00		0.00		14,635.44		0.00		0.00		3,009,000.00
X	5,265,239.00		754,124.02		412.26	0.00		412.26		754,536.28		0.00		0.00		5,264,826.74
P	0.00		57,678.82		0.00	0.00		0.00		57,678.82		0.00		0.00		0.00
R-1	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
R-2	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total	300,847,239.00		1,561,044.39		9,054,740.13	0.00		9,054,740.13		10,615,784.52		0.00		0.00		291,792,498.87


Interest Detail - REMIC II
	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	2.53500%		168,437,000.00		403,266.25	0.00		0.00		0.00		403,266.25		403,266.25		0.00
A-2	2.54000%		77,054,000.00		184,843.98	0.00		0.00		0.00		184,843.98		184,843.98		0.00
M-1	2.80000%		18,803,000.00		49,723.49	0.00		0.00		0.00		49,723.49		49,723.49		0.00
M-2	3.27000%		14,591,000.00		45,061.87	0.00		0.00		0.00		45,061.87		45,061.87		0.00
M-3	3.45000%		4,513,000.00		14,704.86	0.00		0.00		0.00		14,704.86		14,704.86		0.00
B-1	3.95000%		3,610,000.00		13,467.31	0.00		0.00		0.00		13,467.31		13,467.31		0.00
B-2	4.07000%		3,460,000.00		13,299.86	0.00		0.00		0.00		13,299.86		13,299.86		0.00
B-3	5.15000%		2,105,000.00		10,238.49	0.00		0.00		0.00		10,238.49		10,238.49		0.00
B-4	5.15000%		3,009,000.00		14,635.44	0.00		0.00		0.00		14,635.44		14,635.44		0.00
X	151.65204%		5,265,239.00		0.00	0.00		0.00		0.00		0.00		754,124.02		0.00
P	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		57,678.82		0.00
R-1	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
R-2	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			300,847,239.00		749,241.55	0.00		0.00		0.00		749,241.55		1,561,044.39		0.00



Page 3 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
									Group 2		Group 1		Total
Principal Collections									1,757,503.55		2,595,447.49		4,352,951.04
Principal Withrawals									0.00		0.00		0.00
Principal Other Accounts									3,144,356.35		1,557,432.68		4,701,789.03
TOTAL NET PRINCIPAL									4,901,859.90		4,152,880.17		9,054,740.07
Interest Collections									468,648.04		1,054,490.48		1,523,138.52
Interest Withdrawals									-0.00		-0.00		-0.00
Interest Other Accounts									0.00		0.00		57,678.82
Interest Fees									-6,220.91		-13,493.21		-19,772.89
TOTAL NET INTEREST									462,427.12		1,040,997.27		1,561,044.45
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION									5,364,287.02		5,193,877.44		10,615,784.52



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Principal Received										0.00		0.00		0.00
Prepayments In Full										1,716,100.00		2,587,015.09		4,303,115.09
Curtailments										41,403.55		8,432.40		49,835.95
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										1,757,503.55		2,595,447.49		4,352,951.04


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
									Group 2		Group 1		Total
TOTAL OTHER ACCOUNTS PRINCIPAL									3,144,356.35		1,557,432.68		4,701,789.03





Page 4 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
									Group 2		Group 1		Total
Scheduled Interest									501,603.33		1,128,916.82		1,630,520.15
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									-1,798.31		-2,700.26		-4,498.58
Compensating Interest									1,798.31		2,700.26		4,498.58
Delinquent Interest									-436,131.04		-984,116.41		-1,420,247.45
Interest Advanced									403,175.74		909,690.07		1,312,865.82
TOTAL INTEREST COLLECTED									468,648.04		1,054,490.48		1,523,138.52


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													57,678.82
TOTAL INTEREST OTHER ACCOUNTS									0.00		0.00		57,678.82



INTEREST - FEES
INTEREST - FEES
									Group 2		Group 1		Total
Current Servicing Fees									5,079.86		10,932.45		16,012.31
Current Trustee Fees									1,141.05		2,560.76		3,760.58
TOTAL INTEREST OTHER FEES									6,220.91		13,493.21		19,772.89




Page 5 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 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													5,265,238.94
Overcollateralization Target Amount													5,264,826.68
Overcollateralization Deficiency Amount													0.00
Overcollateralization Release Amount													412.26




Page 6 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution
Collateral Report


COLLATERAL



										Group 2		Group 1		Total



*Loan Count:*


Original									222		1,022		1,244
Prior									222		1,022		1,244
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-4		-12		-16
Repurchases									-0		-0		-0
Liquidations									-0		-0		-0
Current									218		1,010		1,228
*Principal Balance:*


Original									91,284,370.05		204,861,079.86		296,145,449.91
Prior									91,284,370.05		204,861,079.86		296,145,449.91
Prefunding									0.00		0.00		0.00
Scheduled Principal									-0.00		-0.00		-0.00
Partial Prepayments									-41,403.55		-8,432.40		-49,835.95
Full Voluntary Prepayments									-1,716,100.00		-2,587,015.09		-4,303,115.09
Repurchases									-0.00		-0.00		-0.00
Liquidations									-0.00		-0.00		-0.00
Current									89,526,866.50		202,265,632.37		291,792,498.87





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Coupon Original									6.59394%		6.61277%		6.60697%
Weighted Average Coupon Prior									6.59394%		6.61277%		6.60697%
Weighted Average Coupon Current									6.59394%		6.61277%		6.60697%
Weighted Average Months to Maturity Original									355		355		355
Weighted Average Months to Maturity Prior									355		355		355
Weighted Average Months to Maturity Current									355		355		355
Weighted Avg Remaining Amortization Term Original									355		355		355
Weighted Avg Remaining Amortization Term Prior									355		355		355
Weighted Avg Remaining Amortization Term Current									355		355		355
Weighted Average Seasoning Original									5.21		5.29		5.27
Weighted Average Seasoning Prior									5.21		5.29		5.27
Weighted Average Seasoning Current									5.21		5.29		5.27









Page 8 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Margin Original									5.45103%		5.46476%		5.46053%
Weighted Average Margin Prior									5.45103%		5.46476%		5.46053%
Weighted Average Margin Current									5.45103%		5.46476%		5.46053%
Weighted Average Max Rate Original									13.59442%		13.61377%		13.60780%
Weighted Average Max Rate Prior									13.59442%		13.61377%		13.60780%
Weighted Average Max Rate Current									13.59442%		13.61377%		13.60780%
Weighted Average Min Rate Original									6.59442%		6.61377%		6.60780%
Weighted Average Min Rate Prior									6.59442%		6.61377%		6.60780%
Weighted Average Min Rate Current									6.59442%		6.61377%		6.60780%
Weighted Average Cap Up Original									1.50000%		1.50000%		1.50000%
Weighted Average Cap Up Prior									1.50000%		1.50000%		1.50000%
Weighted Average Cap Up Current									1.50000%		1.50000%		1.50000%
Weighted Average Cap Down Original									1.50000%		1.50000%		1.50000%
Weighted Average Cap Down Prior									1.50000%		1.50000%		1.50000%
Weighted Average Cap Down Current									1.50000%		1.50000%		1.50000%




SERVICING FEES & ADVANCES

										Group 2		Group 1		Total




Current Servicing Fees									5,079.86		10,932.45		16,012.31
Delinquent Servicing Fees									32,955.29		74,426.34		107,381.63
TOTAL SERVICING FEES									38,035.15		85,358.79		123,393.94


Compensating Interest									-1,798.31		-2,700.26		-4,498.58
Delinquent Servicing Fees									-32,955.29		-74,426.34		-107,381.63
COLLECTED SERVICING FEES									3,281.55		8,232.19		11,513.73


Aggregate Advances with respect to this Distribution									403,175.74		909,690.07		1,312,865.82





ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Net Prepayment Interest Shortfall									0.00		0.00		0.00
Libor For Current Period													2.1500%




Page 9 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			4,376,666.51		0.00		0.00		4,376,666.51
			% Balance			1.50%		0.00%		0.00%		1.50%
			# Loans			17		0		0		17
			% # Loans			1.38%		0.00%		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	4,376,666.51		0.00		0.00		4,376,666.51
			% Balance		0.00%	1.50%		0.00%		0.00%		1.50%
			# Loans		0	17		0		0		17
			% # Loans		0.00%	1.38%		0.00%		0.00%		1.38%









Page 10 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			2,661,196.36		0.00		0.00		2,661,196.36
			% Balance			1.32%		0.00%		0.00%		1.32%
			# Loans			13		0		0		13
			% # Loans			1.29%		0.00%		0.00%		1.29%
	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	2,661,196.36		0.00		0.00		2,661,196.36
			% Balance		0.00%	1.32%		0.00%		0.00%		1.32%
			# Loans		0	13		0		0		13
			% # Loans		0.00%	1.29%		0.00%		0.00%		1.29%










Page 11 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			1,715,470.15		0.00		0.00		1,715,470.15
			% Balance			1.92%		0.00%		0.00%		1.92%
			# Loans			4		0		0		4
			% # Loans			1.83%		0.00%		0.00%		1.83%
	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	1,715,470.15		0.00		0.00		1,715,470.15
			% Balance		0.00%	1.92%		0.00%		0.00%		1.92%
			# Loans		0	4		0		0		4
			% # Loans		0.00%	1.83%		0.00%		0.00%		1.83%









Page 12 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

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
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 13 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

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
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

										Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans									4		12		16
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									4		12		16
Curtailments Amount									41,403.55		8,432.40		49,835.95
Paid in Full Balance									1,716,100.00		2,587,015.09		4,303,115.09
Repurchased Loans Balance									0.00		0.00		0.00
Total Prepayment Amount									1,757,503.55		2,595,447.49		4,352,951.04

*Cumulative*


Number of Paid in Full Loans									4		12		16
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									4		12		16
Paid in Full Balance									1,716,100.00		2,587,015.09		4,303,115.09
Repurchased Loans Balance									0.00		0.00		0.00
Curtailments Amount									41,403.55		8,432.40		49,835.95
Total Prepayment Amount									1,757,503.55		2,595,447.49		4,352,951.04










Page 15 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

										Group 2		Group 1		Total



SMM									1.93%		1.27%		1.47%
3 Months Avg SMM									1.93%		1.27%		1.47%
12 Months Avg SMM									1.93%		1.27%		1.47%
Avg SMM Since Cut-off									1.93%		1.27%		1.47%


CPR									20.81%		14.19%		16.28%
3 Months Avg CPR									20.81%		14.19%		16.28%
12 Months Avg CPR									20.81%		14.19%		16.28%
Avg CPR Since Cut-off									20.81%		14.19%		16.28%


PSA									1,996.47%		1,341.08%		1,545.94%
3 Months Avg PSA Approximation									1,996.47%		1,341.08%		1,545.94%
12 Months Avg PSA Approximation									1,996.47%		1,341.08%		1,545.94%
Avg PSA Since Cut-off Approximation									1,996.47%		1,341.08%		1,545.94%










Page 16 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

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))
	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
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

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 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

1506078 1			96,800.00		96,795.81		23-Nov-2004		5.850%		MD - 80.00%		Paid Off - 360		7/1/2004
1506078 1			96,800.00		96,795.81		23-Nov-2004		5.850%		MD - 80.00%		Paid Off - 360		7/1/2004
1506089 1			252,000.00		252,000.00		16-Nov-2004		6.550%		CA - 78.75%		Paid Off - 360		7/1/2004
1518903 1			144,213.00		144,213.00		12-Nov-2004		7.350%		NV - 80.00%		Paid Off - 360		6/1/2004
1521214 1			316,000.00		315,912.47		29-Nov-2004		6.575%		CA - 80.00%		Paid Off - 360		6/1/2004
1536801 2			452,000.00		452,000.00		18-Nov-2004		6.350%		CA - 80.00%		Paid Off - 360		6/1/2004
1545879 1			176,400.00		176,400.00		29-Nov-2004		6.700%		CO - 90.00%		Paid Off - 360		7/1/2004
1549179 2			459,000.00		459,000.00		29-Nov-2004		7.250%		CA - 90.00%		Paid Off - 360		7/1/2004
1555368 1			179,200.00		179,200.00		30-Nov-2004		6.850%		IL - 84.53%		Paid Off - 360		7/1/2004
1597474 1			180,500.00		180,500.00		29-Nov-2004		7.900%		NJ - 94.50%		Paid Off - 360		8/1/2004
1604326 1			216,000.00		215,993.81		29-Nov-2004		7.350%		CA - 80.00%		Paid Off - 360		8/1/2004
1608083 1			295,000.00		295,000.00		30-Nov-2004		6.400%		CA - 74.68%		Paid Off - 360		8/1/2004
1610664 2			346,500.00		346,500.00		30-Nov-2004		7.250%		CA - 90.00%		Paid Off - 360		8/1/2004
1613760 1			224,000.00		224,000.00		22-Nov-2004		6.000%		CA - 80.00%		Paid Off - 360		8/1/2004
1650503 1			275,000.00		275,000.00		29-Nov-2004		6.250%		CA - 73.33%		Paid Off - 360		8/1/2004
1713626 2			458,600.00		458,600.00		24-Nov-2004		7.300%		CA - 89.05%		Paid Off - 360		9/1/2004
1719537 1			232,000.00		232,000.00		15-Nov-2004		6.600%		CA - 80.00%		Paid Off - 360		9/1/2004


TOTAL			4,303,213.00		4,303,115.09
TOTAL


Page 18 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 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
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

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
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

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
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &			Prior		Realized				Cumulative
														Cumulative
&		Loan	Note		LTV at	Original		Principal		Loss/(Gain)		Realized		Realized

Loan Group		Status	Rate		Origination	Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
Loan Group		Status	Rate		Origination	Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)




TOTAL



Page 22 of 24
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 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													291,792,498.87
Senior Enhancement Percentage													18.6900%



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
Structured Asset Backed Receivables LLC 2004-NC3

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2004-NC3

December 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
									Group 2		Group 1		Total
Current Scheduled Payments									501,603.33		1,128,916.82		1,630,520.15
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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Securitized Asset Backed Receivalbes LLC Trust 2004-NC3 8-K