UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported) January 28, 1998
BENEFICIAL MORTGAGE SERVICES, INC.
(Depositor)
BENEFICIAL HOME EQUITY LOAN TRUST 1997-2
(Issuer in Respect of the Beneficial Home Equity
Loan Asset Backed Certificates, Series 1997-2)
(Exact name of registrant as specified in its charter)
New York (Issuer) 333-21511 13-3973303 (Issuer)
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation or
organization)
c/o 301 North Walnut Street
Wilmington, Delaware 19801
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (302) 425-2500
(Former name or former address, if changed since last report)
NONE
Item 7. Financial Statements and Exhibits
Exhibit 20.1 Beneficial Home Equity Loan Asset Backed Certificates,
Series 1997-2 Statement to Certificateholders dated
January 28, 1998.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
behalf of Beneficial Home Equity Loan Trust 1997- 2 by the undersigned,
thereunto duly authorized.
BENEFICIAL HOME EQUITY LOAN TRUST 1997-2
Registrant
By: Beneficial Mortgage Services, Inc.
(Depositor)
By: /s/ Richard J. Zak_________
Richard J. Zak
Vice President and Controller
February 6, 1998
Exhibit Index
Exhibit
Number Exhibit
20.1 Beneficial Home Equity Loan Asset Backed Certificates,
Series 1997-2 Statement to Certificateholders dated January 28,
1998.
Exhibit 20.1
STATEMENT TO CERTIFICATEHOLDERS
Beneficial Mortgage Services, Inc. Current Collection Period: 28-Nov-97 to
27-Dec-97
Beneficial Home Equity Loan Asset Backed Certificates P&S Agreement Date:
01-Sep-97
Class A Certificates, Series 1997-2
Class M Certificates, Series 1997-2 Original Settlement Date:16-Sep-97
Class B Certificates, Series 1997-2 Distribution Date:28-Jan-98
Stepdown Date: 28-Sep-00
Senior Enhancement Pct: 10.557%
1 Month LIBOR 5.96875%
Class A Pass-Through Rate (1 mo LIBOR + 12 bps) 6.08875% Class M
Pass-Through Rate (1 mo LIBOR + 25 bps) 6.21875% Class B
Pass-Through Rate (1 mo LIBOR + 36 bps) 6.32875%
Distribution to Holders of Class A Certificates (per Certificate
with a $1,000 denomination)
1 i. Amount Allocable to Class A Principal 31.837925
2 i. Amount Allocable to Class A Interest 4.531846
ii. Amount Allocable to Class A Interest Shortfall 0.000000
iii. Amount Allocable to Class A Unpaid Interest Shortfall 0.000000
iv. Remaining Class A Unpaid Interest Shortfall After
Such Distribution 0.000000
Distribution to Holders of Class M Certificates
(per Certificate with a $1,000 denomination)
3 i. Amount of Class M Principal 0.000000
ii. Amount Allocable to Class M Amortization of
Liquidated Loan Loss 0.000000
iii. Remaining Class M Amortization of Liquidated
Loan Loss Amount After Such Distribution 0.000000
4 i. Amount Allocable to Class M Interest 5.182292
ii. Amount Allocable to Class M Interest Shortfall 0.000000
iii. Amount Allocable to Class M Unpaid Interest Shortfall 0.000000
5 i. Amount of Class M Amortization of Liquidated Loan Loss 0.000000
Distribution to Holders of Class B Certificates (per Certificate
with a $1,000 denomination)
6 i. Amount of Allocable to Class B Principal 0.000000
ii. Amount of Class B Amortization of Liquidated Loan Loss 0.000000
iii. Remaining Class B Amortization of Liquidated Loan Loss
After Such Distribution 0.000000
7 i. Amount Allocable to Class B Interest 5.273958
ii. Amount Allocable to Class B Interest Shortfall 0.000000
iii. Amount Allocable to Class B Unpaid Interest Shortfall 0.000000
iv. Remaining Class B Unpaid Interest Shortfall After
Such Distribution 0.000000
8 i. Amount of Class B Amortization of Liquidated Loan Loss 0.000000
9 i. Monthly Excess Cashflow 2,548,086.46
ii. Overcollateralization Amount 11,127,619.97
iii. Targeted Overcollateralization Amount 16,800,369.40
iv. Overcollateralization Amount for
Such Distribution Date 13,670,176.07
v. Overcollateralization Release Amount 0.00
vi. Principal Distribtution Amount 20,885,167.55
vii. Extra Principal Distribution Amount 2,548,086.46
10 Ending Class A Certificate Balance 633,946,166.29
11 Ending Class A Principal Factor 86.1320005%
12 Ending Class M Certificate Balance 36,000,000.00
13 Ending Class M Principal Factor 100.000000%
14 i. Class M Applied Liquidated Loan Loss Amount 0.00
ii. Class M Liquidated Loan Loss Amortization Amount 0.00
iii. Class M Unpaid Liquidated Loan Amount 0.00
15 Ending Class B Certificate Balance 28,000,000
16 Ending Class B Principal Factor 100.000000%
17 i. Class B Applied Liquidated Loan Loss Amount 0.00
ii. Class B Liquidated Loan Loss Amortization Amount 0.00
iii. Class B Unpaid Liquidated Loan Amount 0.00
18 i. Ending Pool Number of Loans 12,709
ii. Ending Pool Balance 711,616,342.36
19 i. Number of Mortgage Loans 30 to 59 Days Delinquent 679
ii. Aggregate Principal Balances of Mortgage Loans
30 to 59 Days Delinquent 41,176,093.07
iii. Number of Mortgage Loans 60 or More Days Delinquent 191
iv. Aggregate Principal Balances of Mortgages 60 or
More Days Delinquent 13,727,295.30
20 i. Number of Properties Acquired Through Foreclosure 0
ii. Book Value of Real Estate Aquired Through
Foreclosure or Grant of a Deed 0.00
iii. Liquidated Home Equity Loan Losses for the Period 5,530.36
iv. Applied Liquidated Loan Loss Amount 0.00
v. Cumulative Liquidated Loan Losses 5,530.36
Trigger event in effect NO
