8-K

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) June 25, 2004.

Wachovia Asset Securitization Issuance, LLC.

(Issuer in respect of the Asset-Backed Certificates, Series 2002-HE1)

(Exact name of registrant as specified in its charter)

North Carolina	333-97457	56-1967773
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

c/o Wachovia Bank, National Association, 301 South College Street, Suite D, Charlotte, NC 28288-5578
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (704)383-4634

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

Item 5. See the monthly statement to Bondholders attached as Exhibit 20.1 hereto reflecting the required information for the June 25, 2004 payment to the Asset-Backed Certificates, Series 2002-HE1

Item 7. Financial Statements and Exhibits.

(c) Exhibits.

Item 601 (a) of Regulation.

S-K Exhibit Number.

20.1 Monthly statement to holders of Asset-Backed Certificates, Series 2002-HE1 relating to the June 25, 2004 Payment Date.

-2-

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 Asset-Backed Certificates, Series 2002-HE1 by the undersigned thereunto duly authorized.

Dated: June 25, 2004	By:	Wachovia Asset Securitization Issuance LLC, as Depositor
	By:	Wachovia Bank, National Association, as Attorney-in-fact
	By:	/s/ April Hughey
	Name:	April Hughey
	Title:	Vice President

-3-

EXHIBIT INDEX

20.1 Monthly statement to holders of Asset-Backed Certificates, Series 2002-HE1 relating to the June 25, 2004 Payment Date.

-4-

EX-20.1

Monthly Statements to the Securityholders
Pursuant to Section 5.01 of the Sale and Servicing Agreement

Wachovia Asset Securitization Inc
2002-HE1

Monthly Period	May 1, 2004 — May 31, 2004
Payment Date	06/25/04

Aggregate Amount Collected for the Collection Period
Interest	$	2,122,825.79
Principal Collections	$	32,933,082.30
Substitution Amounts	$	—
Aggregate Substitution Amounts	$	—
Application of Collected Amounts

Applied in the following order of priority:			Factor per Thousand
(i) Enhancer Premium				$	94,669.66
(ii) Noteholder’s Interest				$	927,762.68	0.976592293
(iii) Principal Collections to Funding Account				$	—
(iv) Excess Spread (during Revolving)				$	—
(v) Excess Spread (during AP)				$	1,100,393.45
(vi) Additional Balance Increase from Excess Spread (during MAP)				$	—
(vii) Noteholder’s Principal Distribution				$	18,380,775.96	19.34818522
(viii) Enhancer for Prior Draws				$	—
(ix) Liquidation Loss Amount				$	—
(x) Enhancer				$	—
(xi) Interest Shortfalls				$	—
(xii) Indenture Trustee				$	—
(xiii) Certificates				$	1,100,393.45
Balances				Factors per Original
Beginning Note Balance				$	732,926,408.08	0.77150
Ending Note Balance				$	714,545,632.12	0.75215
	Change			$	18,380,775.96	0.01935
Beginning Excluded Amount				$	—
Ending Excluded Amount				$	—
	Change			$	—
Beginning Pool Balance				$	747,735,124.88	0.78709
Ending Pool Balance				$	729,354,348.92	0.76774
	Change			$	18,380,775.96	0.01935
Beginning Principal Balance				$	747,735,124.88	0.85938
Ending Principal Balance				$	729,354,348.92	0.83826
		Change		$	18,380,775.96	0.02113
Additional Draws				$	14,560,903.88
Beginning Additional Balance				$	—
Additional Balance Increase (Draws less Payments less Funding)				$	—
Ending Additional Balance Increase Amount				$	—

Delinquencies	#	$
Two statement cycle dates:	15	$	932,593.17
Three statement cycle dates:	9	$	407,100.97
Four statement cycle dates:	3	$	123,966.99
Five statement cycle dates:	2	$	161,538.70
Six statement cycle dates:	2	$	168,939.16
Seven + statement cycle dates:	3	$	184,335.70
Foreclosures (included in aging above)	9	$	477,410.38
REO	—	$	—
Liquidation Loss Amount	2	$	9,277.07
Aggregate Liquidation Loss Amount		$	690,363.32		0.0727	%
Other Information
Gross WAC for Collection Period			3.988	%
Net WAC Rate for Collection Period			3.335	%
Mortgage Loans Repurchased ( # / $ )	0	$	—
Beginning Pre-funding Account Balance		$	—
Beginning Funding Account Balance		$	—
Beginning Capitalized Interest Account Balance		$	—
Ending Pre-funding Account Balance		$	—
Ending Capitalized Interest Account Balance		$	—
Ending Funding Account Balance		$	—
Overcollateralization Amount (Beginning)		$	14,808,716.80
Overcollateralization Target		$	14,603,274.86
Overcollateralization Amount (Ending)		$	14,808,716.80
Certificate Balance		$	—
Gross CPR (1 mo. Annualized)			41.764	%
Net CPR (1 mo. Annualized)			25.820	%
Draw Rate (1 mo. Annualized)			21.021	%
WAM			210.14
AGE			22.63

Allocation of Collected Funds

Interest Collections				Principal Collections
Total Collected	$	(2,442,979.63	)	Total Collected	$	(32,933,082.30	)
Servicing Fee	$	311,556.30		Noteholders Principal	$	18,380,775.96
Enhancer Premium	$	94,669.66		Add'l Balance Increase	$	—
Additional Balance Interest	$	—		Net Draws	$	14,560,903.88
Noteholders Interest	$	927,762.68		Funding Account	$	—
Liquidations	$	8,597.54		Net	$	8,597.54
Excess Interest	$	1,100,393.45		Previous Funding	$	—
Net	$	—		Liquidations	$	(8,597.54	)
Interest Shortfall	$	—		Difference	$	(0.00	)
				Deficiency Amount	$	(0.00	)

Wachovia Bank, National Association
as Servicer