The important aspects of your 720p30 files are video compression, audio compression and file extension. Also, in this case, the prime factor is probably whether or not the video was recorded with a variable or constant frame rate.
If you do not know variable or constant frame rate, then download and install the free MediaInfo properties readout program (Tree View) and look for 3 frame rates: minimum frame rate, frame rate, and maximum frame rate to confirm variable frame rate rather than constant. MediaInfo download | SourceForge.net
Just be careful with your choices in the download and install of MediaInfo since it is known to travel with unwanted baggage.
If you cannot control the frame rate of your recording, then the answer for most, if not all, is to take the file into the free HandBrake program to get the H.264.mp4 with constant frame rate version. And, then you take that H.264.mp4 into the Premiere Elements project. https://handbrake.fr/
Please let us know if you need supplemental information on any of the above.
Ahh! Thank you so much friend! Using Handbrake I made the video a Constant 29.97fps and it worked like a charm! I truly do appreciate it!
Thanks for reporting the outcome. Great news of success. Great job.
Moving forward, please do not hesitate to ask if any questions about your Premiere Elements workflows.