UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 27, 2005
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-119047-08
Pooling and Servicing Agreement) (Commission 54-2169419
(State or other File Number) 54-2169420
jurisdiction IRS EIN
of Incorporation)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(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 under the Exchange Act
(17 CFR 240.14a-12)
[ ] 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
Subsequent to filing the 8-K relating to the payment date on June 27, 2005 a
revision was made to the ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, Asset
Backed Pass-Through Certificates, Series 2005-SN1 Trust which was not included
in the original 8-K filed. The 8-K is being amended to correct the payment of
Principal and Interest figure. This revision was not previously disclosed in a
1934 Act filing. The revised data has been and will continue to be available on
the Wells Fargo bank, N.A., website at www.ctslink.com.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Amended monthly report distributed to
holders of Asset Backed Pass-Through
Certificates, Series 2005-SN1 Trust,
relating to the June 27, 2005
distribution.
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.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 7/25/05
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Amended monthly report distributed to holders of Asset
Backed Pass-Through Certificates, Series 2005-SN1
Trust, relating to the June 27, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 5/31/05
Distribution Date: 6/27/05
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Series ACE 2005-SN1
Contact: Customer Service - CTSLink
Wells Fargo Bank, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
www.ctslink.com
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
<s> <c> <c> <c> <c> <c>
A-1 004421MQ3 SEN 4.25000% 87,792,833.80 310,932.95
A-2 004421MV2 SEN 5.13000% 58,680,000.00 250,857.00
M-1 004421MR1 MEZ 5.52000% 4,543,000.00 20,897.80
M-2 004421MS9 MEZ 5.77000% 2,478,000.00 11,915.05
M-3 004421MT7 MEZ 6.00000% 1,239,000.00 6,195.00
M-4 004421MU4 MEZ 6.00000% 1,239,000.00 6,195.00
CE-1 A05SN1CE1 SEN 0.00000% 598,054.60 105,924.19
CE-2 A05SN1CE2 SEN 0.00000% 0.00 8,453.01
R ACE05SN1R SEN 0.00000% 0.00 0.00
Totals 156,569,888.40 721,370.00
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 4,752,759.64 0.00 83,040,074.15 5,063,692.59 0.00
A-2 0.00 0.00 58,680,000.00 250,857.00 0.00
M-1 0.00 0.00 4,543,000.00 20,897.80 0.00
M-2 0.00 0.00 2,478,000.00 11,915.05 0.00
M-3 0.00 0.00 1,239,000.00 6,195.00 0.00
M-4 0.00 0.00 1,239,000.00 6,195.00 0.00
CE-1 0.00 0.00 826,050.35 105,924.19 0.00
CE-2 0.00 0.00 0.00 8,453.01 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 4,752,759.64 0.00 152,045,124.50 5,474,129.64 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 97,031,000.00 87,792,833.80 0.00 4,752,759.64 0.00 0.00
A-2 58,680,000.00 58,680,000.00 0.00 0.00 0.00 0.00
M-1 4,543,000.00 4,543,000.00 0.00 0.00 0.00 0.00
M-2 2,478,000.00 2,478,000.00 0.00 0.00 0.00 0.00
M-3 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00
M-4 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00
CE-1 69.19 598,054.60 0.00 0.00 0.00 0.00
CE-2 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 165,210,069.19 156,569,888.40 0.00 4,752,759.64 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A-1 4,752,759.64 83,040,074.15 0.85580973 4,752,759.64
A-2 0.00 58,680,000.00 1.00000000 0.00
M-1 0.00 4,543,000.00 1.00000000 0.00
M-2 0.00 2,478,000.00 1.00000000 0.00
M-3 0.00 1,239,000.00 1.00000000 0.00
M-4 0.00 1,239,000.00 1.00000000 0.00
CE-1 0.00 826,050.35 11,938.86905622 0.00
CE-2 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 4,752,759.64 152,045,124.50 0.92031391 4,752,759.64
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A-1 97,031,000.00 904.79160062 0.00000000 48.98186806 0.00000000
A-2 58,680,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 4,543,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 2,478,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 1,239,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 1,239,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE-1 69.19 8643656.59777425 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are per $1,000 denomination
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 48.98186806 855.80973246 0.85580973 48.98186806
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE-1 0.00000000 0.00000000 11,938,869.05622200 11938.86905622 0.00000000
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 97,031,000.00 4.25000% 87,792,833.80 310,932.95 0.00 0.00
A-2 58,680,000.00 5.13000% 58,680,000.00 250,857.00 0.00 0.00
M-1 4,543,000.00 5.52000% 4,543,000.00 20,897.80 0.00 0.00
M-2 2,478,000.00 5.77000% 2,478,000.00 11,915.05 0.00 0.00
M-3 1,239,000.00 6.00000% 1,239,000.00 6,195.00 0.00 0.00
M-4 1,239,000.00 6.00000% 1,239,000.00 6,195.00 0.00 0.00
CE-1 69.19 0.00000% 598,054.60 0.00 0.00 0.00
CE-2 0.00 0.00000% 0.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 165,210,069.19 606,992.80 0.00 0.00
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00 0.00 310,932.95 0.00 83,040,074.15
A-2 0.00 0.00 250,857.00 0.00 58,680,000.00
M-1 0.00 0.00 20,897.80 0.00 4,543,000.00
M-2 0.00 0.00 11,915.05 0.00 2,478,000.00
M-3 0.00 0.00 6,195.00 0.00 1,239,000.00
M-4 0.00 0.00 6,195.00 0.00 1,239,000.00
CE-1 0.00 0.00 105,924.19 0.00 826,050.35
CE-2 0.00 0.00 8,453.01 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 721,370.00 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 97,031,000.00 4.25000% 904.79160062 3.20447022 0.00000000 0.00000000
A-2 58,680,000.00 5.13000% 1000.00000000 4.27500000 0.00000000 0.00000000
M-1 4,543,000.00 5.52000% 1000.00000000 4.60000000 0.00000000 0.00000000
M-2 2,478,000.00 5.77000% 1000.00000000 4.80833333 0.00000000 0.00000000
M-3 1,239,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
M-4 1,239,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
CE-1 69.19 0.00000% 8643656.59777425 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are per $1,000 denomination.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 0.00000000 3.20447022 0.00000000 855.80973246
A-2 0.00000000 0.00000000 4.27500000 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 4.60000000 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.80833333 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
CE-1 0.00000000 0.00000000 1530917.61815291 0.00000000 11938869.05622200
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,487,335.59
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 58,439.26
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 5,545,774.85
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 71,645.21
Payment of Interest and Principal 5,474,129.64
Total Withdrawals (Pool Distribution Amount) 5,545,774.85
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
<s> <c>
Gross Servicing Fee 53,055.35
Credit Risk Manager Fee- Risk Management Group, LLC 3,261.87
FGIC Insurance 4,890.00
Master Servicing Fee 10,437.99
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 71,645.21
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Financial Guaranty 0.00 0.00 0.00 0.00
Reserve Fund 1,000.00 0.00 0.00 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 1 0 0 1
70,576.15 0.00 0.00 70,576.15
30 Days 81 0 0 0 81
4,591,380.95 0.00 0.00 0.00 4,591,380.95
60 Days 21 0 0 0 21
1,373,430.31 0.00 0.00 0.00 1,373,430.31
90 Days 6 0 0 0 6
180,109.53 0.00 0.00 0.00 180,109.53
120 Days 3 0 0 0 3
271,277.04 0.00 0.00 0.00 271,277.04
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 111 1 0 0 112
6,416,197.83 70,576.15 0.00 0.00 6,486,773.98
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0.058893% 0.000000% 0.000000% 0.058893%
0.046357% 0.000000% 0.000000% 0.046357%
30 Days 4.770318% 0.000000% 0.000000% 0.000000% 4.770318%
3.015789% 0.000000% 0.000000% 0.000000% 3.015789%
60 Days 1.236749% 0.000000% 0.000000% 0.000000% 1.236749%
0.902120% 0.000000% 0.000000% 0.000000% 0.902120%
90 Days 0.353357% 0.000000% 0.000000% 0.000000% 0.353357%
0.118303% 0.000000% 0.000000% 0.000000% 0.118303%
120 Days 0.176678% 0.000000% 0.000000% 0.000000% 0.176678%
0.178185% 0.000000% 0.000000% 0.000000% 0.178185%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 6.537102% 0.058893% 0.000000% 0.000000% 6.595995%
4.214396% 0.046357% 0.000000% 0.000000% 4.260753%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 58,439.26
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.440783%
Weighted Average Net Coupon 7.034151%
Weighted Average Pass-Through Rate 6.929151%
Weighted Average Maturity(Stepdown Calculation) 264
Beginning Scheduled Collateral Loan Count 1,732
Number Of Loans Paid In Full 34
Ending Scheduled Collateral Loan Count 1,698
Beginning Scheduled Collateral Balance 156,569,888.40
Ending Scheduled Collateral Balance 152,045,124.50
Ending Actual Collateral Balance at 31-May-2005 152,244,769.43
Monthly P&I Constant 1,325,646.63
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 2,151.90
Scheduled Principal 354,811.11
Unscheduled Principal 4,169,952.79
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 227,995.74
Overcollateralized reduction Amount 0.00
Specified O/C Amount 826,050.35
Overcollateralized Amount 826,050.35
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 227,995.74
Excess Cash Amount 0.00