NEW CENTURY ASSET BACKED FLOATING RATE CERT SER 1998-NC1
8-K, 1998-05-06
ASSET-BACKED SECURITIES
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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):	April 27, 1998


SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
 			
(as depositor under the Pooling and Servicing
Agreement, dated as of March 1, 1998, providing
for the issuance of Asset-Backed Floating Rate Certificates, Series 1998-NC1)

SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.		  
(Exact name of registrant as specified in its charter)

 
              Delaware          	  333-44593  	    13-3439681   
(State or Other Jurisdiction		 (Commission	(I.R.S. Employer 
of Incorporation)			  File Number)	Identification No.)


Seven World Trade Center
New York, New York					 10048   
(Address of Principal Executive Offices)			(Zip Code)



Registrant's telephone number, including area code:	 (212) 783-5659

Item 5.	Other Events
				
		On April 27, 1998 a scheduled distribution was made from the Trust 
		to holders of the Class A Certificates.  The Trustee has caused to be filed 
		with the Commission, the Monthly Report dated April 27, 1998.
		The Monthly Report is filed pursuant to and in accordance with 
		(1) numerous no-action letters (2) current Commission policy in the area.  

		A. 	Monthly Report Information:
			See Exhibit No.1
		 
		
		B.	Have any deficiencies occurred?   NO.
				Date:
				Amount:

		C.	Item 1: Legal Proceedings:	NONE

		D.	Item 2: Changes in Securities:	NONE
	
		E.	Item 4: Submission of Matters to a Vote of Certificateholders:  NONE

		F.	Item 5: Other Information - Form 10-Q, Part II - Items 1,2,4,5 if 
			applicable:  NOT APPLICABLE



Item 7. Monthly Statements and Exhibits
 
	 Exhibit No.

		1.	Monthly Distribution Report dated April 27, 1998.



SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY ASSET-BACKED FLOATING RATE CERTIFICATES
SERIES 1998-NC1

STATEMENT TO CERTIFICATEHOLDERS

Distribution Date:                04/27/98


               Beginning                                         Ending
               Certificate    Principal    Interest     Realized Certificate
ClassCusip     Balance*       Distribution Distribution Losses   Balance
A    79548KYN2 239,687,000.00 1,746,669.64 1,105,023.65     0.00 237,940,330.36
M-1  79548KYP7  29,250,000.00         0.00   139,628.13     0.00  29,250,000.00
M-2  79548KYQ5  37,375,000.00         0.00   184,227.60     0.00  37,375,000.00
M-3  79548KYR3  12,187,000.00         0.00    65,759.02     0.00  12,187,000.00
CE          NA   6,500,700.00         0.00   930,261.59     0.00   6,500,700.00
R-III79548KYU6         100.00       100.00         0.70     0.00           0.00
Total          324,999,800.00 1,746,769.64 2,424,900.69     0.00 323,253,030.36



           AMOUNTS PER $1,000 UNIT                        PASS THROUGH RATES

                                           Ending                Current
     Principal    Interest    Total        Certificate  Realized Pass-Through
ClassDistribution DistributionDistribution Balance      Losses   Interest Rate
A     7.287294       4.610278    11.897572   992.712706 0.000000        5.92750%
M-1     0.0000       4.773611     4.773611   1000.00000 0.000000        6.13750%
M-2     0.0000       4.929167     4.929167   1000.00000 0.000000        6.33750%
M-3     0.0000       5.395833     5.395833   1000.00000 0.000000        6.93750%
CE      0.0000     143.101757   143.101757   1000.00000 0.000000        3.43481%
R-III1000.0000       7.000000  1007.000000      0.00000 0.000000        5.92750%


Section 4.02 (iii.)
MASTER SERVICER COMPENSATION                 129,192.62
TRUSTEE FEES                                   2,708.33

Section 4.02 (iv.)
P&I ADVANCES                  Total Advance   19,466.69
*Note:  P&I Advances are made on Mortgage Loans Delinquent
as of the Determination Date.

Section 4.02 (v.)
BALANCES AS OF:     27-Apr-98
               Stated Principal Balance of Mortgage Loans        308,588,877.51
               Stated Principal Balance of REO Properties                  0.00

Section 4.02 (vi.)
MORTGAGE LOAN CHARACTERISTICS
               Number of Loans                                            2,616
               Aggregate Principal Balance as of the Due Date    308,588,877.51
               Weighted Average Remaining Term to Maturity                  357
               Weighted Average Mortgage Rate                           9.46348%
               Number of Subsequent Loans                                   121
               Balance of Subsequent Loans                        14,664,152.85

                                                                 Unpaid
Section 4.02 (vii.)                                              Principal
DELINQUENCY INFORMATION                                 Number   Balance
               30-59 days delinquent                          34   4,623,826.82
               60-89 days delinquent                          11     742,987.91
               90 or more days delinquent                      0           0.00
               Foreclosure proceedings have commenced          1      81,929.00
*Note:  In accordance with the Master Servicer, the Delinquency Information
relates to the Prepayment Period.

Section 4.02 (viii.)
REO INFORMATION Loans that became REO properties in the
                preceding calendar month:
                                           Unpaid       Stated
                                           Principal    Principal
                              Loan Number  Balance      Balance


Section 4.02 (ix.)            Total Book Value of REO Properties:          0.00
REO BOOK VALUES

Section 4.02 (x.)
PRINCIPAL PREPAYMENTS
               Aggregate Amount of Principal Prepayments
                                           Curtailments               14,961.88
                                           Payments in Full        1,291,854.18

               Prepayment Charges                                          0.00
               REO Principal Amortization                                  0.00

Section 4.02 (xi.)            Realized Losses that were incurred during the
REALIZED LOSSES               related Prepayment Period:

                              Total Realized Losses         0.00
                              Which Include:
                              Extraordinary Losses          0.00
                              Fraud Losses                  0.00
                              Special Hazard Losses         0.00
                              Bankruptcy Losses             0.00

Section 4.02 (xii.)
EXTRAORDINARY TRUST FUND EXPENSES
     Extraordinary Trust Fund Expenses withdrawn from the Collection
     Account or Distribution Account that caused a reduction of the
     Available Distribution Amount:                         0.00

Section 4.02 (xiv.)
CERTIFICATE FACTOR                         
                           Certificate            Factor
                              Class A          0.992713
                              Class M-1        1.000000
                              Class M-2        1.000000
                              Class M-3        1.000000
                              Class CE         0.994625

Section 4.02 (xv.)
INTEREST DISTRIBUTION AMOUNTS

                                           Reduction from the Allocation of:
               Interest       Interest     Prepayment            Relief Act
               Distribution   Carry ForwardInterest     Realized Interest
               Amount         Amount       Shortfalls   Losses   Shortfalls
     A           1,105,023.65         0.00         0.00     0.00           0.00
     M-1           139,628.13         0.00         0.00     0.00           0.00
     M-2           184,227.60         0.00         0.00     0.00           0.00
     M-3            65,759.02         0.00         0.00     0.00           0.00
     CE            930,261.59           NA         0.00     0.00           0.00
     TOTAL       2,424,899.99         0.00         0.00     0.00           0.00

Section 4.02 (xvi.)
PREPAYMENT INTEREST SHORTFALLS
Prepayment Interest Shortfalls not covered by the Servicer:                0.00


Section 4.02 (xvii.)
                              Relief Act Interest Shortfall                0.00

Section 4.02 (xviii.)         Fraud Loss Amount                    9,750,000.00
                              Bankruptcy Amount                      100,000.00
                              Special Hazard Amount                4,417,585.68

Section 4.02 (xix.)           Required Overcollateralized Amount   6,500,700.00
                              Credit Enhancement Percentage            26.39193%

Section 4.02 (xx.)
               Overcollateralization Increase Amount                       0.00

Section 4.02 (xxi.)
               Overcollateralization Reduction Amount                      0.00

Section 4.02 (xxii.)
PASS THROUGH RATE
                              A                 5.92750% 5.89625%
                              M-1               6.13750% 6.10625%
                              M-2               6.33750% 6.30625%
                              M-3               6.93750% 6.90625%
                              CE                3.43481%

Section 4.02 (xxiii.)
PRE-FUNDING AND INTEREST COVERAGE ACCOUNT
Amount on Deposit in the Pre-Funding Account                0.00
Amount on Deposit in the Interest Coverage Account          0.00


Section 4.02 (xxiv.)
PRE-FUNDING ACCOUNT DEPOSITS
Amount from the Pre-Funding Account
distributed to the Certificates                                      274,665.63

PERFORMANCE MEASURES
Net Monthly Excess Cash Flow                                         930,261.59

               Delinquency Percentage                                   0.26716%

               Stepdown Date Occurrence                 NO
               Trigger Event Occurrence                 NO





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 thereunto duly authorized.
				
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INC.  


				By: /s/ Eve Kaplan 
				Name:  Eve Kaplan
				Title:	Vice President
				First Trust National Association


Dated: April 30, 1998



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