The elect can be in hell for one reason...Free Will! God gave us free will, just like he gave his angels. If we didnt have free will, we would be obligated to love God, and what kind of Love would that be? He gave us free will, knowing that chosen love is the sweetest love! So, when we chose not to take our rights as children of God, we are condemning ourselves. And that leaves us in seperation, or hell.
And, yes, the lost can be saved. Jesus came to save first the Jew, then the Gentile. Until then, the Jews were Gods chosen people. The rest of us were left out, because of our status. But Jesus changed that. There is hope for everyone!!!!! And besides, if we were all pre-chosen to be with God, then why would there be a need for hell?
I hope this properly explains my understanding, that could be from a completely different point of view on the subject.
God bless, Morningstar!
J.