What computer operating system is your Premiere Elements 12 running on? I suspect Mac because of the name your error.
Please read the following Adobe document with the details and fix for error U44M1P7
Specifically open the following link in the above
Please let us know if that works for you.
Thanks A.T. I will read the recommendations you suggested. I am running on an iMac. I will let this know how this fix turns out.