I don't think you can reset the password via your live account. What you can do though is factory reset the phone which will remove the password. The downside is that all your data will also be removed.
To reset the phone to factory defaults do the following:-
Make sure the charger is disconnected.
1. Switch the power Off.
2. Press and hold the Volume down and connect the charger, if successful an exclamation mark will appear.
Then input Keys in the following order:
1. Volume up
2. Volume down
4. Volume down
The phone will reset and boot up automatically.
Now you've got the job of setting your phone back up again but hopefully you had automatic backup turned on.