Here's what I would do - others may add suggestions:
Open your document
Using your magic eraser tool, remove the white background by clicking on all white areas especially inside the letters:
Then go to the bottom of your layers panel and click on the round adjustment layers icon - choose solid color at the top of your choices
When you click on it, a color dialog box will pop up - choose your color
Choose a color - I'll choose green.
Your layer stack should look like this: and your document window will show a layer with a green swatch (or whatever color you chose)
Now for the magic - right click on your layer - not the icon - and choose Create Clipping Mask.
You can also hover between the two layers, hold down ALT key (OPTION on Mac) and left click.
Your text will change color:
You can change the color of the text by double clicking on the color swatch,bring up the color picker, and choose what you wish.
You can now add a layer at the bottom and fill with any color you like, or save the image as a png with transparent bckground and place it
on any background you wish.
If there's any color inside your letters, just click on the area with your magic eraser tool again.
Summary
- Open your document
- Use magic eraser to remove the white background
- Go to bottom of your layer stack, click on the adjustment layers icon (the round symbol) and choose solid color
- From color picker choose your color and click OK
- Hove between the color layer and the type layer holding down your ALT/APTION key until cursor turns to pointing finger;
- Left click to create clipping mask
- OPTION - hover over color layer, right click, and choose "create clipping mask"
- Your type is now the color you chose.
Any questions, give a shout.
- Jeff