Preheat oven to 350 degrees F (175 degrees C). Grease and flour one 10 inch bundt or tube pan.
In a saucepan combine raisins with water and cook until the water is absorbed, cool.
Combine eggs, applesauce, vegetable oil, vanilla, and liquid sweetener. Mix well. Sift flour, baking soda, salt, ground cinnamon, and ground nutmeg into egg mixture. Stir until just combined. Mix in raisins and chopped nuts. Pour batter into prepared pan.
Bake at 350 degrees F (175 degrees C) for one hour.