Thanks for the replies. I see now that there is someone else who also has this problem as well, so I am not alone. I was going to flash new BIOS on the chip anyways, but did not get a chance to get to it when this happened. I've had the chip for a long time now, so it is not just a new batch that just came out.
I will try to realign the chip and hope that is the problem. It did have the green light on when the power is on, so doesn't that mean that it is aligned properly? I changed it to Mode 4, the flashable mode, as a test and the light flashes orange as it is supposed to. Could this mean that the modchip itself is aligned properly, but somehow the BIOS got corrupted?