You could use the Color Range to select the black, hit CTRL + J to copy that to a new layer, then CTRL click on the layers thumbnail to make it active then hit Shift + Backspace to bring up the Fill dialog box, select Color from the Contents drop down menu and then just select the red colour you want from the Color Picker
You can try using the magic wand to select the text
Then you can select HUE/SATURATION Adjustment Layer which will also add a mask
Then you can CLICK the "Colorize" checkbox, lower the lightness slider, increase the saturation slider a bit, and change the Hue slider to change to your desired color.
Hope this helps!
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Ideally for a finished product you'd want to obtain the typeface and re-type the text, but a "quick and dirty" way to do this is make the text into a layer mask. (*this only works if you have the black text on a white background in your jpeg)
• First, copy the layer with the text into your clipboard (cmd/ctrl + A, cmd/ctrl + C)
• Create a new layer and with it selected, click on the layer mask button. (The white rectangle with the black dot inside, to the right of 'fx')
• Option/alt + click on the layer mask:
(the white box that appeared next to your new layer thumbnail)
• Paste your image into the mask (cmd/ctrl + V)
• Invert it (cmd/ctrl + i ) [This tells the mask to *show* the text, and *hide* the white background]
• Exit the mask and select the actual layer, and fill the layer with whatever color you want the text to be
This also works to knock the text out to become an image: