Timing way off..help.

It has to be right on the money. If it is off more than a few 16ths. either way it would be time to take off the timing cover to narrow it down to the chain or balancer. Either way you would have to fix the problem. Chain would only jump if the chain is loose or the cam gear teeth are worn down allowing the chain to slip. New timing set replacement requied. Easy, inexpensive repair. About $50. for a good quality chain/gear set. If it turns out to be the balancer, a little more expensive, around $100. for a stock type unit.