What should I do when I have forgotten my iPhone 5 passcode and can't get in?

Recently, I changed my pass code to the word password instead of the 4 digit pass code lock. After having the pass code on for a measley 5 minutes, I had forgotten it. I kept putting the pass code in until it was disabled. I now can't get in to my phone.

Does anyone know what I should do?
I really need some help as I'm stuck without a phone and I need it.

Added (1). Also, I have tried putting it in to recovery mode but it won't allow me to because my iOS is not updated. So it didn't do it for me.

Place device into recovery.mode and restore. Turn phone off. Open itunes on computer. Plug cord into computer. Hold home button in on phone and while holding plug cord into phone and continue holding until you see a pop up in itunes stating it recognizes a device in recovery mode. Restore. Make sure itunes is up to date before doing this. You will lose all data.

Put it in dfu more and uprate to lattes i0s version:
http://www.iclarified.com/entry/index.php?enid=1034

You have to update to the latest itunes on your computer before doing the hard factory reset via usb cable.

Check out the below link on how to rest your mobile.

http://www.hard-reset.com/apple-iphone-5-hard-reset.html

hope this would solve your problem.

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