When you first set up your hotmail account, did you provide them with an alternative email address and/or mobile number for security purposes?
If so:
1. Go to
https://account.live.com/pw
2. Enter the affected Microsoft account and the characters that you see in the picture, and click "Next".
3. Choose either "Email me a reset link, Security questions or Send a code to my phone". (The 3 options will appear if they are set up during or after account creation.)
4. Check your alternate email for the reset link or your phone if you received a code.
5. Type the code provided and click on "Next".