I have no idea what "tony" is talking about but If your engine siezed from the timing belt breaking it most likely can be salvaged.
The valves are probably bent (some of them) and possibly a piston or two has marks on it. It can be fixed, but will cost some money...

I recently bought a 93 hatch with a gs-r motor in it for 2k. Why so cheap? well pretty much the same thing happend, he missed a shift, tagged a piston and betnt a few valves. More money then the guy wanted to spend on the car so I got it for what the car was worth....I planed to tear the engine down (as I did) and build it up for boost anyways, so it was An awesome deal for me...
New pistons (in budget)
New rods (in budget but not needed to return to stock)
new head (he bought)
misc parts I bought.

All in all I got a motor to build (as planned in the budget) for a great price