Anything I can do? I've got terrible credit.?

I'm 30 years old and have terrible credit. It all started about 3 years ago, I maxed out all my credit cards and took a personal loan out. I have not made any payments on any of these in about 2-3 years, some have been written off and others are in collections. I regret using my credit like cash. Now I would love to purchase a home, but my credit is beyond bad and the banks just laugh at me. Is there any hope for me, after 7 years will this be off my record or am I tarnished for life and beyond?