Just bought a '87 B2200, opened up the timing belt covers and discovered that my timing belt was missing teeth and slipping. I have a shop manual coming but I was just wondering if anyone can help out with the procedure for properly timing one of these 2.2 engines. Also I noticed there was a lot of oil and grease in the timing belt area behind the covers where would that be coming from?

 

The oil leaks are the cam and crank seals leaking. Remove the cam gear and crank gear and replace the 2 seals. They are easy to time. Plainly marked with notchs/arrows. Basicly the pin in the end of the cam will point straight up and the key in the crank straight up. It is not an interference engine so don't worry about bending a valve as it is impossible to do.
The distributor o-rings and valve cover gaskets are also common leaks that are easily fixed.