You need to use the scroll button along the right side of the timeline to scroll up.
The title is a clip on an upper video track.
You can find out more about using this program in my free Basic Training with Premiere Elements tutorials on Muvipix.com and in my books, which are available on Amazon.
to delete a title, right click the title box in the timeline and click on 'cut' in the scroll down menu ;)
Or, just Select it, and hit the Delete button on the keyboard.
If you also wish to delete it from the Project Panel, you can Select it, and click the Trashcan (might have to scroll to see it), or hit the Delete button.
Oh thanks Steve, that opens it up in whole new way!