Greetings,
I have an Electrum wallet. I find it extremely easy to use. I was told recently that its a "third-party" wallet.
Unless you write your own wallet software, all wallets are "third-party" wallets. There is no "bitcoin company" that you can get a wallet from. All wallets are just groups of people implementing the bitcoin protocol on their own and then getting other people to use the software that they've written.
Being a third-party wallet it isn't safe, and that the owner of the program can take control of the wallet/system at any time.
That is not true. Electrum is well reviewed open source software. If the creators of the program had the ability to "control of the wallet/system at any time", then nobody would use that wallet. Your bitcoins are protected by your private keys, and the wallet does not share those keys with anyone else.
My question is IF its true is there a way to generate control of the electrum wallet,
No.
if no, then what is the probability of this happening???
It will not happen without a LOT of people declaring warnings. If you wait a few days after any new release before you upgrade, then there should be time for others to identify any malicious changes.