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

                                      FORM 8-K

                                   CURRENT REPORT
        Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

             Date of Report (Date of earliest event reported): September 27, 2004
                             (Date of earliest event reported)


                             SAXON ASSET SECURITIES COMPANY,
              (as Depositor, under the Sale and Servicing Agreement, dated
                as July 1, 2004, providing for the issuance of Saxon Asset
          Securities Trust 2004-2 Mortgage Loan Asset Backed Notes and Certificates,
                                    Series 2004-2)
                    (Exact name of registrant as specified in charter)


                                         VIRGINIA
                     (State or Other Jurisdiction of Incorporation)

               333-111832-02                           52-1865887
          (Commission File Number)        (I.R.S. Employer Identification No.)


           4880 Cox Road Suite 100
           Glen Allen, Virginia                           23060
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (804) 967-7400


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


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

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

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

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

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


     Item 8.01 Other Events.

     This current report on Form 8-K relates to the monthly distribution reported to the holders of
     Saxon Asset Securities Trust 2004-2 Mortgage Loan Asset Backed Notes and Certificates, Series
     2004-2 which was made on July 1, 2004


     Item 9.01 Financial Statements and Exhibits.

     (c) Exhibits

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     September 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 behalf of the Registrant by the undersigned thereunto duly
    authorized.



     DEUTSCHE BANK TRUST COMPANY AMERICAS, IN ITS CAPACITY AS INDENTURE TRUSTEE UNDER THE
     SALE AND SERVICING AGREEMENT ON BEHALF OF SAXON ASSET SECURITIES COMPANY, 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
              September 27, 2004.


	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates


	September 27, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				15
			8.	Foreclosure Report				16
			9.	Prepayment Report				17
			10.	Prepayment Detail Report				20
			11.	Realized Loss Report				22
			12.	Realized Loss Detail Report				25
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				26
			14.	Additional Certificate Report				27



				Total Number of Pages				27



			CONTACTS

				Administrator: Brent Hoyler
				Direct Phone Number: (714)247-6322
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

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



ISSUANCE INFORMATION

	Seller:		Saxon Mortgage, Inc.					Cut-Off Date: July 1, 2004
	Certificate Insurer(s):							Closing Date: July 27, 2004
								First Payment Date: August 25, 2004
	Servicer(s):		Saxon Mortgage, Inc. Master Servicer
			Saxon Mortgage Services, Inc.

								Distribution Date: September 27, 2004
	Underwriter(s):		CS First Boston Lead Underwriter					Record Date: September 24, 2004
			J. P. Morgan Underwriter					August 31, 2004
			Merrill Lynch & Co. Underwriter
			RBS Greenwich Capital Underwriter




						Page 1 of 27					© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates
	Series 2004-2
	Certificate Payment Report for September 27, 2004 Distribution


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

AF-1	FLT	190,000,000.00			185,826,238.76	302,354.78	2,895,988.88	3,198,343.66	-	-	182,930,249.88
AF-2	AFC	68,747,000.00			68,747,000.00	237,750.04	-	237,750.04	-	-	68,747,000.00
AF-3	AFC	87,397,000.00			87,397,000.00	380,905.26	-	380,905.26	-	-	87,397,000.00
AF-4	STEP	11,633,000.00			11,633,000.00	53,317.92	-	53,317.92	-	-	11,633,000.00
AF-5	STEP	39,753,000.00			39,753,000.00	165,306.23	-	165,306.23	-	-	39,753,000.00
AV-1	STEP	309,301,000.00			306,916,464.69	538,766.28	4,613,220.02	5,151,986.30	-	-	302,303,244.67
AV-2	STEP	309,305,000.00			304,687,439.84	532,060.44	4,484,253.71	5,016,314.15	-	-	300,203,186.13
A-IO	IO	-			-	461,666.67	-	461,666.67	-	-	-
MF-1	MEZ	22,847,000.00			22,847,000.00	104,715.42	-	104,715.42	-	-	22,847,000.00
MF-2	MEZ	17,135,000.00			17,135,000.00	78,535.42	-	78,535.42	-	-	17,135,000.00
MF-3	MEZ	5,712,000.00			5,712,000.00	26,180.00	-	26,180.00	-	-	5,712,000.00
MF-4	MEZ	4,569,000.00			4,569,000.00	20,941.25	-	20,941.25	-	-	4,569,000.00
MF-5	MEZ	4,569,000.00			4,569,000.00	20,941.25	-	20,941.25	-	-	4,569,000.00
MF-6	MEZ	4,568,000.00			4,568,000.00	20,936.67	-	20,936.67	-	-	4,568,000.00
MV-1	MEZ	48,300,000.00			48,300,000.00	97,183.63	-	97,183.63	-	-	48,300,000.00
MV-2	MEZ	39,011,000.00			39,011,000.00	100,664.63	-	100,664.63	-	-	39,011,000.00
MV-3	MEZ	11,146,000.00			11,146,000.00	29,476.53	-	29,476.53	-	-	11,146,000.00
MV-4	MEZ	11,146,000.00			11,146,000.00	34,891.62	-	34,891.62	-	-	11,146,000.00
MV-5	MEZ	7,431,000.00			7,431,000.00	23,943.30	-	23,943.30	-	-	7,431,000.00
MV-6	MEZ	7,430,000.00			7,430,000.00	31,432.00	-	31,432.00	-	-	7,430,000.00
TRUST		-			-	50,684.60	-	50,684.60	-	-	-

Total		1,200,000,000.00			1,188,824,143.29	3,312,653.94	11,993,462.61	15,306,116.55	-	-	1,176,830,680.68
Non-Delay Certificates Record Date: 9/24/04

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

AF-1	08/25/04	09/26/04		A-Act/360	805564PV7	190,000,000.00	978.032836	1.591341	15.242047	16.833388	962.790789
AF-2				F-30/360	805564PW5	68,747,000.00	1,000.000000	3.458333	-	3.458333	1,000.000000
AF-3				F-30/360	805564PX3	87,397,000.00	1,000.000000	4.358333	-	4.358333	1,000.000000
AF-4				F-30/360	805564PY1	11,633,000.00	1,000.000000	4.583334	-	4.583334	1,000.000000
AF-5				F-30/360	805564PZ8	39,753,000.00	1,000.000000	4.158333	-	4.158333	1,000.000000
AV-1	08/25/04	09/26/04		A-Act/360	805564QG9	309,301,000.00	992.290567	1.741883	14.914986	16.656869	977.375581
AV-2	08/25/04	09/26/04		A-Act/360	805564QH7	309,305,000.00	985.071175	1.720181	14.497838	16.218018	970.573337
A-IO				F-30/360	805564QJ3	138,500,000.00	1,000.000000	3.333333	-	3.333333	1,000.000000
MF-1				F-30/360	805564QA2	22,847,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
MF-2				F-30/360	805564QB0	17,135,000.00	1,000.000000	4.583334	-	4.583334	1,000.000000
MF-3				F-30/360	805564QC8	5,712,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
MF-4				F-30/360	805564QD6	4,569,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
MF-5				F-30/360	805564QE4	4,569,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
MF-6				A-30/360	805564QF1	4,568,000.00	1,000.000000	4.583334	-	4.583334	1,000.000000
MV-1	08/25/04	09/26/04		A-Act/360	805564QK0	48,300,000.00	1,000.000000	2.012083	-	2.012083	1,000.000000
MV-2	08/25/04	09/26/04		A-Act/360	805564QL8	39,011,000.00	1,000.000000	2.580417	-	2.580417	1,000.000000
MV-3	08/25/04	09/26/04		A-Act/360	805564QM6	11,146,000.00	1,000.000000	2.644584	-	2.644584	1,000.000000
MV-4	08/25/04	09/26/04		A-Act/360	805564QN4	11,146,000.00	1,000.000000	3.130416	-	3.130416	1,000.000000
MV-5	08/25/04	09/26/04		A-Act/360	805564QP9	7,431,000.00	1,000.000000	3.222083	-	3.222083	1,000.000000
MV-6	08/25/04	09/26/04		A-Act/360	805564QQ7	7,430,000.00	1,000.000000	4.230417	-	4.230417	1,000.000000
TRUST				-		-	-	-	-	-	-


							Page 2 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates
	Series 2004-2
	Certificate Payment Report for September 27, 2004 Distribution


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

AF-1	190,000,000.00		548,774.22		6,324,117.08	745,633.04	7,069,750.12	7,618,524.34	-	-	182,930,249.88
AF-2	68,747,000.00		475,500.08		-	-	-	475,500.08	-	-	68,747,000.00
AF-3	87,397,000.00		761,810.52		-	-	-	761,810.52	-	-	87,397,000.00
AF-4	11,633,000.00		106,635.84		-	-	-	106,635.84	-	-	11,633,000.00
AF-5	39,753,000.00		330,612.46		-	-	-	330,612.46	-	-	39,753,000.00
AV-1	309,301,000.00		974,794.77		6,637,617.78	360,137.55	6,997,755.33	7,972,550.10	-	-	302,303,244.67
AV-2	309,305,000.00		965,602.95		8,788,979.33	312,834.54	9,101,813.87	10,067,416.82	-	-	300,203,186.13
A-IO	-		923,333.34		-	-	-	923,333.34	-	-	-
MF-1	22,847,000.00		209,430.84		-	-	-	209,430.84	-	-	22,847,000.00
MF-2	17,135,000.00		157,070.84		-	-	-	157,070.84	-	-	17,135,000.00
MF-3	5,712,000.00		52,360.00		-	-	-	52,360.00	-	-	5,712,000.00
MF-4	4,569,000.00		41,882.50		-	-	-	41,882.50	-	-	4,569,000.00
MF-5	4,569,000.00		41,882.50		-	-	-	41,882.50	-	-	4,569,000.00
MF-6	4,568,000.00		41,873.34		-	-	-	41,873.34	-	-	4,568,000.00
MV-1	48,300,000.00		176,167.55		-	-	-	176,167.55	-	-	48,300,000.00
MV-2	39,011,000.00		183,942.28		-	-	-	183,942.28	-	-	39,011,000.00
MV-3	11,146,000.00		53,898.65		-	-	-	53,898.65	-	-	11,146,000.00
MV-4	11,146,000.00		64,072.47		-	-	-	64,072.47	-	-	11,146,000.00
MV-5	7,431,000.00		43,996.68		-	-	-	43,996.68	-	-	7,431,000.00
MV-6	7,430,000.00		58,066.49		-	-	-	58,066.49	-	-	7,430,000.00
TRUST	-		80,585.67		-	-	-	80,585.67	-	-	-

Total	1,200,000,000.00		6,292,293.99		21,750,714.19	1,418,605.13	23,169,319.32	29,461,613.31	-	-	1,176,830,680.68


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

AF-1	1.77500%	185,826,238.76			302,354.78	-	-	-	302,354.78	302,354.78	-
AF-2	4.15000%	68,747,000.00			237,750.04	-	-	-	237,750.04	237,750.04	-
AF-3	5.23000%	87,397,000.00			380,905.26	-	-	-	380,905.26	380,905.26	-
AF-4	5.50000%	11,633,000.00			53,317.92	-	-	-	53,317.92	53,317.92	-
AF-5	4.99000%	39,753,000.00			165,306.23	-	-	-	165,306.23	165,306.23	-
AV-1	1.91500%	306,916,464.69			538,766.28	-	-	-	538,766.28	538,766.28	-
AV-2	1.90500%	304,687,439.84			532,060.44	-	-	-	532,060.44	532,060.44	-
A-IO	4.00000%	138,500,000.00			461,666.67	-	-	-	461,666.67	461,666.67	-
MF-1	5.50000%	22,847,000.00			104,715.42	-	-	-	104,715.42	104,715.42	-
MF-2	5.50000%	17,135,000.00			78,535.42	-	-	-	78,535.42	78,535.42	-
MF-3	5.50000%	5,712,000.00			26,180.00	-	-	-	26,180.00	26,180.00	-
MF-4	5.50000%	4,569,000.00			20,941.25	-	-	-	20,941.25	20,941.25	-
MF-5	5.50000%	4,569,000.00			20,941.25	-	-	-	20,941.25	20,941.25	-
MF-6	5.50000%	4,568,000.00			20,936.67	-	-	-	20,936.67	20,936.67	-
MV-1	2.19500%	48,300,000.00			97,183.63	-	-	-	97,183.63	97,183.63	-
MV-2	2.81500%	39,011,000.00			100,664.63	-	-	-	100,664.63	100,664.63	-
MV-3	2.88500%	11,146,000.00			29,476.53	-	-	-	29,476.53	29,476.53	-
MV-4	3.41500%	11,146,000.00			34,891.62	-	-	-	34,891.62	34,891.62	-
MV-5	3.51500%	7,431,000.00			23,943.30	-	-	-	23,943.30	23,943.30	-
MV-6	4.61500%	7,430,000.00			31,432.00	-	-	-	31,432.00	31,432.00	-
TRUST		-			50,684.60	-	-	-	50,684.60	50,684.60	-

Total		1,327,324,143.29			3,312,653.94	-	-	-	3,312,653.94	3,312,653.94	-
See page 27 for Optimal Pass-Through Rate

							Page 3 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


SUMMARY					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Principal Collections				3,686,962.03	3,792,998.38	2,561,805.64	10,041,766.05
	Principal Withdrawals				0.00	0.00	0.00	0.00
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL NET PRINCIPAL				3,686,962.03	3,792,998.38	2,561,805.64	10,041,766.05

	Interest Collections				1,828,910.20	1,865,196.49	1,848,190.00	5,542,296.69
	Interest Withdrawals				0.00	0.00	0.00	0.00
	Interest Other Accounts				0.00	0.00	0.00	0.00
	Interest Fees				(88,867.15)	(93,810.30)	(95,268.75)	(277,946.20)
	TOTAL NET INTEREST				1,740,043.05	1,771,386.19	1,752,921.25	5,264,350.49

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS				5,427,005.08	5,564,384.57	4,314,726.89	15,306,116.54


PRINCIPAL - COLLECTIONS					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Scheduled Principal				155,708.22	179,494.52	372,430.49	707,633.23
	Curtailments				10,670.72	15,271.47	31,664.86	57,607.05
	Prepayments in Full				3,520,583.09	3,598,232.39	2,157,710.29	9,276,525.77
	Repurchases/Substitutions Shortfalls				0.00	0.00	0.00	0.00
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Principal				0.00	0.00	0.00	0.00
	Other Additional Principal				0.00	0.00	0.00	0.00
	Delinquent Principal				(22,387.10)	(23,518.78)	(40,107.28)	(86,013.16)
	Advanced Principal				22,387.10	23,518.78	40,107.28	86,013.16
	Realized Losses				0.00	0.00	0.00	0.00


	TOTAL PRINCIPAL COLLECTED				3,686,962.03	3,792,998.38	2,561,805.64	10,041,766.05


				Page 4 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS					GROUP II-B	GROUP II-A	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Prefunded Release Amount				0.00	0.00	0.00	0.00

	TOTAL OTHER ACCOUNTS PRINCIPAL				0.00	0.00	0.00	0.00


INTEREST - COLLECTIONS					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Scheduled Interest				1,793,468.67	1,816,436.78	1,839,807.66	5,449,713.11
	Repurchases/Substitutions				0.00	0.00	0.00	0.00
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Interest				0.00	0.00	0.00	0.00
	Other Additional Interest				0.00	0.00	0.00	0.00
	Month End Interest (PPIS)				(86.44)	(1,009.50)	(1,359.13)	(2,455.07)
	Delinquent Interest				(319,827.19)	(278,768.63)	(216,071.71)	(814,667.53)
	Realized Losses				0.00	0.00	0.00	0.00
	Compensating Month End Interest				86.44	1,009.50	1,359.13	2,455.07
	Other Interest Shortfall (Relief Act)				(185.52)	(228.60)	(86.37)	(500.49)
	Non Recoverable Advance				0.00	0.00	0.00	0.00
	Interest Advanced				306,329.47	267,304.65	207,405.99	781,040.11
	Prepayment Penalties				49,124.77	60,452.29	17,134.43	126,711.49

	TOTAL INTEREST COLLECTED				1,828,910.20	1,865,196.49	1,848,190.00	5,542,296.69


				Page 5 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS					GROUP II-B	GROUP II-A	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - OTHER ACCOUNTS					GROUP II-B	GROUP II-A	GROUP I	TOTAL



	TOTAL OTHER ACCOUNT INTEREST				0.00	0.00	0.00	0.00


INTEREST - FEES					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Current Servicing Fees				66,492.02	68,929.10	72,500.35	207,921.47
	Master Servicing Fee				13,331.62	13,398.85	13,527.68	40,258.15
	PMI Insurance Premium				9,043.51	11,482.35	9,240.72	29,766.58


	TOTAL INTEREST OTHER FEES				88,867.15	93,810.30	95,268.75	277,946.20


				Page 6 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for September 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS					GROUP II-B	GROUP II-A	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE					GROUP II-B	GROUP II-A	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Extra Principal Distribution Amt				797,291.68	820,221.64	334,183.24	1,951,696.56
	Overcollateralization Amount							4,237,207.80
	Overcollateralization Requirement							33,770,790.00
	Overcollateralization Release Amount				0.00	0.00	0.00	0.00


				Page 7 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


COLLATERAL					GROUP II-B	GROUP II-A	GROUP I	TOTAL
	Loan Count:
	*Original*				1398	2081	2382	5861
	Prior				1,381	2,070	2,358	5,809
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				(11)	(24)	(20)	(55)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				1,370	2,046	2,338	5,754

	*Principal Balance:*
	Original				323,345,232.09	323,320,982.39	328,419,661.89	975,085,876.37
	Prior				319,958,971.24	321,572,297.31	324,664,262.35	966,195,530.90
	Prefunding				-	-	-	-
	Scheduled Principal				(155,708.22)	(179,494.52)	(372,430.49)	(707,633.23)
	Partial and Full Voluntary Prepayments				(3,531,253.81)	(3,613,503.86)	(2,189,375.15)	(9,334,132.82)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				316,272,009.21	317,779,298.93	322,102,456.71	956,153,764.85

PREFUNDING					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Prefunding Beginning Balance				48,189,992.63	48,213,792.89	128,510,338.11	224,914,123.63
	Balance of Subsequent Loans Transfered				0.00	0.00	0.00	0.00
	Prefunded Amount Dispursed To Offered Certificates				0.00	0.00	0.00	0.00
	Prefunding Ending Balance				48,189,992.63	48,213,792.89	128,510,338.11	224,914,123.63


	Group I		Group II-B
	Group II-A
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Weighted Average Coupon Original				6.730359%	6.780986%	6.811919%	6.774616%
	Weighted Average Coupon Prior				6.730359%	6.780986%	6.811919%	6.774616%
	Weighted Average Coupon Current				6.726370%	6.778333%	6.800161%	6.768460%
	Weighted Average Months to Maturity Original				353	353	324	343
	Weighted Average Months to Maturity Prior				353	353	324	343
	Weighted Average Months to Maturity Current				352	352	323	342
	Weighted Avg Remaining Amortization Term Original				353	352	323	343
	Weighted Avg Remaining Amortization Term Prior				353	352	323	343
	Weighted Avg Remaining Amortization Term Current				352	351	322	342
	Weighted Average Seasoning Original				3.23	3.26	7.86	4.80
	Weighted Average Seasoning Prior				3.23	3.26	7.86	4.80
	Weighted Average Seasoning Current				4.21	4.20	8.65	5.70

Note: Original information refers to deal issue.


	Group I		Group II-B
	Group II-A
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Weighted Average Margin Original				5.000%	4.629%
	Weighted Average Margin Prior				5.000%	4.629%
	Weighted Average Margin Current				5.000%	4.632%
	Weighted Average Max Rate Original				12.000%	11.950%	6.812%
	Weighted Average Max Rate Prior				12.000%	11.950%	6.812%
	Weighted Average Max Rate Current				12.000%	11.953%	6.800%
	Weighted Average Min Rate Original				6.000%	6.112%	6.812%
	Weighted Average Min Rate Prior				6.000%	6.112%	6.812%
	Weighted Average Min Rate Current				6.000%	6.107%	6.800%
	Weighted Average Cap Up Original				1.000%	0.875%
	Weighted Average Cap Up Prior				1.000%	0.875%
	Weighted Average Cap Up Current				1.000%	0.876%
	Weighted Average Cap Down Original				1.000%	0.875%
	Weighted Average Cap Down Prior				1.000%	0.875%
	Weighted Average Cap Down Current				1.000%	0.876%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Current Servicing Fees				66,492.02	68,929.10	72,500.35	207,921.47
	Delinquent Servicing Fees				13,497.72	11,463.98	8,665.72	33,627.42
	Master Servicing Fees				13,331.62	13,398.85	13,527.68	40,258.15

	TOTAL SERVICING FEES				93,321.36	93,791.93	94,693.75	281,807.04

	Total Servicing Fees				93,321.36	93,791.93	94,693.75	281,807.04
	Compensating Month End Interest				86.44	1,009.50	1,359.13	2,455.07
	Delinquent Servicing Fees				(13,497.72)	(11,463.98)	(8,665.72)	(33,627.42)

	COLLECTED SERVICING FEES				79,910.08	83,337.45	87,387.16	250,634.69

	Prepayment Interest Shortfall				86.44	1,009.50	1,359.13	2,455.07

	Total Advanced Interest				306,329.47	267,304.65	207,405.99	781,040.11


ADDITIONAL COLLATERAL INFORMATION					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Weighted Average Net Rate				5.511633%	5.552185%	4.596339%	5.175986%
	Largest Loan Balance				1,100,000.00	471,862.34	988,841.61	988,841.61

	Next One-Month LIBOR							1.840000%
	Current One-Month LIBOR							1.615000%


				Page 10 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			19,093,272.67	1,159,205.98	-	20,252,478.65
		% Balance			2.00%	0.12%	0.00%	2.12%
		# Loans			120	6	-	126
		% # Loans			2.09%	0.10%	0.00%	2.19%
FORECLOSURE		Balance		-	143,628.91	-	57,631.77	201,260.68
		% Balance		0.00%	0.02%	0.00%	0.01%	0.02%
		# Loans		-	1	-	1	2
		% # Loans		0.00%	0.02%	0.00%	0.02%	0.03%
BANKRUPTCY		Balance		566,629.08	109,217.99	-	-	675,847.07
		% Balance		0.06%	0.01%	0.00%	0.00%	0.07%
		# Loans		3	2	-	-	5
		% # Loans		0.05%	0.03%	0.00%	0.00%	0.09%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		566,629.08	19,346,119.57	1,159,205.98	57,631.77	21,129,586.40
		% Balance		0.06%	2.02%	0.12%	0.01%	2.21%
		# Loans		3	123	6	1	133
		% # Loans		0.05%	2.14%	0.10%	0.02%	2.31%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Group I Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			2,736,084.17	134,733.27	-	2,870,817.44
		% Balance			0.85%	0.04%	0.00%	0.89%
		# Loans			27	1	-	28
		% # Loans			1.15%	0.04%	0.00%	1.20%
FORECLOSURE		Balance		-	-	-	57,631.77	57,631.77
		% Balance		0.00%	0.00%	0.00%	0.02%	0.02%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.04%	0.04%
BANKRUPTCY		Balance		279,005.57	71,443.94	-	-	350,449.51
		% Balance		0.09%	0.02%	0.00%	0.00%	0.11%
		# Loans		1	1	-	-	2
		% # Loans		0.04%	0.04%	0.00%	0.00%	0.09%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		279,005.57	2,807,528.11	134,733.27	57,631.77	3,278,898.72
		% Balance		0.09%	0.87%	0.04%	0.02%	1.02%
		# Loans		1	28	1	1	31
		% # Loans		0.04%	1.20%	0.04%	0.04%	1.33%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 12 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Group II-A Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			7,674,059.99	879,098.38	-	8,553,158.37
		% Balance			2.41%	0.28%	0.00%	2.69%
		# Loans			53	4	-	57
		% # Loans			2.59%	0.20%	0.00%	2.79%
FORECLOSURE		Balance		-	143,628.91	-	-	143,628.91
		% Balance		0.00%	0.05%	0.00%	0.00%	0.05%
		# Loans		-	1	-	-	1
		% # Loans		0.00%	0.05%	0.00%	0.00%	0.05%
BANKRUPTCY		Balance		150,668.00	-	-	-	150,668.00
		% Balance		0.05%	0.00%	0.00%	0.00%	0.05%
		# Loans		1	-	-	-	1
		% # Loans		0.05%	0.00%	0.00%	0.00%	0.05%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		150,668.00	7,817,688.90	879,098.38	-	8,847,455.28
		% Balance		0.05%	2.46%	0.28%	0.00%	2.78%
		# Loans		1	54	4	-	59
		% # Loans		0.05%	2.64%	0.20%	0.00%	2.88%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 13 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Group II-B Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			8,683,128.51	145,374.33	-	8,828,502.84
		% Balance			2.75%	0.05%	0.00%	2.79%
		# Loans			40	1	-	41
		% # Loans			2.92%	0.07%	0.00%	2.99%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		136,955.51	37,774.05	-	-	174,729.56
		% Balance		0.04%	0.01%	0.00%	0.00%	0.06%
		# Loans		1	1	-	-	2
		% # Loans		0.07%	0.07%	0.00%	0.00%	0.15%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		136,955.51	8,720,902.56	145,374.33	-	9,003,232.40
		% Balance		0.04%	2.76%	0.05%	0.00%	2.85%
		# Loans		1	41	1	-	43
		% # Loans		0.07%	2.99%	0.07%	0.00%	3.14%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 14 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	REO Report for September 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group I; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group II-A; REO Book Value = 000.00
Total Current Balance = 000.00				Loan Group 3 = Group II-B; REO Book Value = 000.00
REO Book Value = 000.00

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

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


				Page 15 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Foreclosure Report for September 27, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 2				Loan Group 1 = Group I
Total Original Principal Balance = 204,000.00				Loan Group 2 = Group II-A
Total Current Balance = 201,260.68				Loan Group 3 = Group II-B


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

11019402 1		60,000.00	57,631.77	May-01-04	11.750%	AZ - 80.00%	360	Aug-03-98
11739370 2		144,000.00	143,628.91	Jul-01-04	8.250%	MI - 90.00%	360	Apr-26-04


				Page 16 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	*Current*
	Number of Paid in Full Loans				11	24	20	55
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				11	24	20	55

	Paid in Full Balance				3,520,583.09	3,598,232.39	2,157,710.29	9,276,525.77
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				10,670.72	15,271.47	31,664.86	57,607.05
	Total Prepayment Amount				3,531,253.81	3,613,503.86	2,189,375.15	9,334,132.82

	*Cumulative*
	Number of Paid in Full Loans				27	35	42	104
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				27	35	42	104

	Paid in Full Balance				6,291,951.56	5,142,585.29	5,402,724.37	16,837,261.22
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				468,436.78	38,960.62	168,847.77	676,245.17
	Total Prepayment Amount				6,760,388.34	5,181,545.91	5,571,572.14	17,513,506.39

SPACE INTENTIONALLY LEFT BLANK


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


				Page 17 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	SMM				1.10%	1.12%	0.68%	0.97%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off				1.05%	0.81%	0.85%	0.90%

	CPR				12.47%	12.69%	7.81%	11.00%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off				11.92%	9.25%	9.77%	10.32%

	PSA				1481.54%	1511.72%	451.07%	964.80%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				1601.51%	1240.11%	591.69%	982.52%



	Group I		Group II-B
	Group II-A


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 18 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group I		Group II-B
	Group II-A

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


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


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

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

				Page 19 of 27				© COPYRIGHT 2004 Deutsche Bank


	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 55						Loan Group 1 = Group I
Total Original Principal Balance = 9,458,563.00						Loan Group 2 = Group II-A
Total Prepayment Amount = 9,276,525.77						Loan Group 3 = Group II-B


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

10012262 1			55,250.00	52,872.29	Sep-17-04	10.875%	FL - 83.71%	Paid Off - 360	Nov-28-97
10012736 1			83,500.00	76,952.65	Sep-01-04	7.875%	OH - 67.33%	Paid Off - 360	Dec-26-97
10013248 1			45,500.00	32,333.23	Sep-10-04	8.500%	OH - 70.00%	Paid Off - 180	Jan-30-98
10208142 1			46,000.00	41,966.69	Aug-26-04	11.875%	NE - 80.00%	Paid Off - 360	Oct-14-97
10208274 1			250,000.00	203,552.63	Sep-15-04	7.750%	NY - 70.00%	Paid Off - 240	Nov-06-97
10208688 1			29,750.00	27,748.49	Sep-16-04	10.500%	FL - 85.00%	Paid Off - 360	Nov-28-97
10208692 1			80,000.00	57,118.49	Sep-02-04	9.990%	CA - 80.00%	Paid Off - 180	Nov-28-97
10208773 1			223,000.00	212,789.22	Sep-16-04	10.750%	UT - 83.00%	Paid Off - 360	Dec-12-97
11701726 1			155,000.00	154,378.15	Aug-31-04	6.000%	PA - 93.94%	Paid Off - 360	Mar-02-04
11710269 1			463,500.00	461,810.28	Aug-20-04	6.500%	VA - 90.00%	Paid Off - 360	Mar-08-04
11712465 1			81,000.00	80,956.54	Aug-23-04	12.313%	MI - 55.10%	Paid Off - 360	May-19-04
11714722 1			140,000.00	139,411.11	Sep-08-04	5.750%	MD - 78.21%	Paid Off - 360	Mar-22-04
11728067 1			145,000.00	144,736.61	Sep-07-04	6.490%	CT - 69.05%	Paid Off - 360	May-18-04
11735100 1			52,000.00	51,967.68	Sep-10-04	8.375%	GA - 80.00%	Paid Off - 360	Jun-18-04
11751884 1			140,000.00	139,896.10	Aug-30-04	7.500%	CT - 62.39%	Paid Off - 360	Jun-25-04
21101356 1			54,000.00	37,099.63	Sep-01-04	9.990%	LA - 75.00%	Paid Off - 180	Dec-05-97
25600031 1			50,000.00	46,346.12	Sep-09-04	9.500%	MD - 72.46%	Paid Off - 360	Nov-07-97
27100074 1			115,000.00	109,297.64	Aug-27-04	10.050%	CA - 83.33%	Paid Off - 360	Nov-20-97
34800446 1			38,500.00	36,742.55	Sep-14-04	10.250%	NY - 70.00%	Paid Off - 360	Feb-13-98
40800366 1			53,800.00	49,734.19	Sep-10-04	8.375%	IN - 80.00%	Paid Off - 360	Nov-26-97
10009643 2			63,750.00	61,142.19	Sep-01-04	11.625%	MO - 75.00%	Paid Off - 360	May-30-97
11692876 2			131,750.00	131,162.34	Sep-03-04	6.625%	CA - 85.00%	Paid Off - 360	Feb-13-04
11696253 2			200,000.00	197,985.24	Sep-15-04	7.475%	FL - 58.82%	Paid Off - 360	Mar-19-04
11697806 2			69,000.00	68,291.79	Aug-31-04	6.535%	TX - 65.71%	Paid Off - 240	Feb-23-04
11710346 2			104,000.00	103,656.04	Sep-01-04	7.000%	CA - 50.73%	Paid Off - 360	Mar-08-04
11714392 2			213,000.00	212,078.83	Sep-01-04	5.750%	NY - 69.84%	Paid Off - 360	Mar-18-04
11716418 2			182,000.00	181,755.91	Sep-15-04	9.990%	WI - 24.27%	Paid Off - 360	Apr-22-04
11735229 2			211,500.00	211,048.93	Sep-10-04	6.500%	MD - 90.00%	Paid Off - 360	May-21-04
11735332 2			74,500.00	74,499.95	Sep-01-04	8.375%	KY - 100.00%	Paid Off - 360	May-11-04
11738139 2			200,000.00	199,266.96	Sep-02-04	7.625%	CA - 80.00%	Paid Off - 360	Feb-24-04
11738423 2			309,600.00	309,038.72	Sep-01-04	6.500%	CA - 80.00%	Paid Off - 360	May-17-04
11741255 2			58,500.00	58,464.57	Aug-26-04	8.500%	GA - 90.00%	Paid Off - 360	Jun-25-04
11742264 2			289,000.00	289,000.00	Sep-15-04	7.500%	CA - 79.83%	Paid Off - 360	May-21-04
11743560 2			152,500.00	152,389.56	Aug-18-04	10.950%	CT - 70.93%	Paid Off - 360	May-24-04
11744991 2			192,000.00	191,660.26	Sep-17-04	6.625%	MA - 80.00%	Paid Off - 360	May-26-04
11745493 2			260,000.00	259,842.89	Sep-08-04	11.875%	CA - 65.82%	Paid Off - 360	May-20-04
11748440 2			60,000.00	60,000.00	Aug-31-04	7.625%	AZ - 79.92%	Paid Off - 360	Jun-11-04
11749870 2			281,713.00	281,713.00	Sep-07-04	8.990%	NV - 80.00%	Paid Off - 360	Jun-01-04
11751987 2			225,000.00	224,870.55	Sep-16-04	8.750%	AK - 90.00%	Paid Off - 360	Jun-17-04
11754211 2			106,500.00	106,500.00	Aug-31-04	7.750%	OH - 50.96%	Paid Off - 360	Jun-30-04
26000426 2			70,550.00	67,310.60	Aug-19-04	10.375%	FL - 85.00%	Paid Off - 360	Sep-23-97
40800562 2			78,000.00	75,592.33	Sep-16-04	10.000%	GA - 81.25%	Paid Off - 360	Dec-05-97
40800571 2			67,500.00	63,602.18	Aug-24-04	8.500%	IN - 75.00%	Paid Off - 360	Dec-15-97
90400156 2			24,000.00	17,359.55	Sep-13-04	9.800%	MI - 48.98%	Paid Off - 180	Nov-24-97

					Page 20 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



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

10208996 3			59,000.00	56,063.04	Aug-30-04	9.990%	OR - 25.00%	Paid Off - 360	Dec-30-97
11698055 3			600,000.00	596,608.10	Aug-31-04	5.375%	PA - 72.73%	Paid Off - 360	Feb-06-04
11722543 3			580,000.00	579,474.65	Aug-31-04	6.490%	CA - 89.23%	Paid Off - 360	Jun-08-04
11725069 3			369,750.00	369,322.99	Sep-17-04	8.750%	VA - 85.00%	Paid Off - 360	May-28-04
11730251 3			73,600.00	73,489.60	Sep-10-04	7.463%	ME - 80.00%	Paid Off - 360	Apr-27-04
11736303 3			122,400.00	122,226.66	Aug-30-04	7.750%	FL - 85.00%	Paid Off - 360	May-06-04
11737735 3			545,500.00	544,601.35	Sep-08-04	6.990%	NY - 71.31%	Paid Off - 360	May-06-04
11740012 3			679,000.00	679,000.00	Sep-13-04	8.500%	IL - 70.00%	Paid Off - 360	Jun-04-04
11749405 3			234,400.00	233,403.98	Aug-30-04	6.875%	CA - 80.00%	Paid Off - 360	Feb-17-04
11751570 3			213,750.00	213,613.70	Sep-08-04	8.250%	FL - 90.00%	Paid Off - 360	Jun-16-04
35500020 3			56,000.00	52,779.02	Sep-01-04	9.300%	PA - 84.85%	Paid Off - 360	Sep-29-97


					Page 21 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES					GROUP II-B	GROUP II-A	GROUP I	TOTAL

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

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

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


	Current Principal Loss				0.00	0.00	0.00	0.00
	Current Interest Loss/Expenses				0.00	0.00	0.00	0.00
	Additional Losses from Prior Periods				0.00	0.00	0.00	0.00
	TOTAL REALIZED LOSSES				0.00	0.00	0.00	0.00


	Group I		Group II-B				3 Months Moving Average
	Group II-A

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 22 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS					GROUP II-B	GROUP II-A	GROUP I	TOTAL

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

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

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

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

	Group I		Group II-B
	Group II-A
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 23 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral

	Group I		Group II-B
	Group II-A

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


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


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

				Page 24 of 27				© COPYRIGHT 2004 Deutsche Bank


	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for September 27, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group I
Total Prior Principal Balance = 0.00						Loan Group 2 = Group II-A
Total Current Realized Loss Amount = 0.00						Loan Group 3 = Group II-B
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

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


					Page 25 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Trigger Event Occuring				No	No	No	No


	Balance of Loans 60+ Delinquent				145,374.33	879,098.38	192,365.04	1,216,837.75


ADJUSTABLE RATE CERTIFICATE INFORMATION					GROUP II-B	GROUP II-A	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION					GROUP II-B	GROUP II-A	GROUP I	TOTAL

	Group I Available Funds Rate							4.600586%
	Group I Available Funds Rate (AF-1 only)							4.182351%
	Group II Available Funds Rate							4.357580%
	*Not Applicable for first two Payment Dates


				Page 26 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-2
	Mortgage Pass-Through Certificates

	Additional Certificate Report for September 27, 2004 Distribution


	Additional Certificate Report


	CLASS						Available Funds Shortfall	Optimal Pass-Through Rate

	AF-1						0.00	1.775000%
	AF-2						0.00	4.150000%
	AF-3						0.00	5.230000%
	AF-4						0.00	5.500000%
	AF-5						0.00	4.990000%
	AV-1						0.00	1.915000%
	AV-2						0.00	1.905000%
	A-IO						0.00	4.000000%
	MF-1						0.00	5.500000%
	MF-2						0.00	5.500000%
	MF-3						0.00	5.500000%
	MF-4						0.00	5.500000%
	MF-5						0.00	5.500000%
	MF-6						0.00	5.500000%
	MV-1						0.00	2.195000%
	MV-2						0.00	2.815000%
	MV-3						0.00	2.885000%
	MV-4						0.00	3.415000%
	MV-5						0.00	3.515000%
	MV-6						0.00	4.615000%


				Page 27 of 27				© COPYRIGHT 2004 Deutsche Bank

Saxon Asset Securities Trust 2004-2 8-K