Help with adding color to Live Trace'd text

Hi. I have a text heading that I warped in photoshop so it looks like it's heading towards a vanishing point. I did it in photoshop because I don't think you can do it in Adobe Illustrator. Well, I placed it in Illustrator, Live Trace>Make & Expand. So now i can resize the text without losing resolution but now I can't change the color of the text. It turned it to just solid black. I tried to isolate the letters I want in red but when I try to change the color it just turns it gray regardless. Can anyone help? Thanks!

I think you should remake the shape with pen tool

Try ungrouping them first. You can also use the Live Color tool.