I checked some of the websites and it mentions that i need at least 3-4 years of foreign language, however my school only offers only 2 years of foreign language. Does this significantly hurt my chances?
If your school only offers 2 years, colleges will not hold it against you. However, make sure that your GC makes that very clear on his/her recommendation.
Having said that, most top colleges will require a certain level of competency to graduate. It would improve your application, and potentially reduce the number of foreign language courses you have to take in college, if you explore other options now - summer classes, community college, online.
Right-- you should need at least 3 for most Ivy’s (check their websites), unless its not available. Any opportunity to self study and take an AP language exam?
As an aside, IIRC, DS#1 decided to take only 2 years of a language in HS (his German teacher was certifiable) and I cant recall how many years of German was offered at that time. He had taken a class (forget in which grade grade) that was an intro to 4 different languages, and in lower/early middle school had many hears of Hebrew, which of course doesn’t count. He attended a top 20 U, though not an ivy. It was several years ago.