Raindrop oscillations have been modeled using a potential flow, ellipsoidal variation about an equilibrium distortion along with a potential energy function that includes surface and gravitational energy. Two degenerate modes were investigated, the axisymmetric (vertical) oscillation and the ellipsoidal (horizontal) oscillation, and found to have different time-averaged axis ratios and oscillation frequencies. Averaged axis and backscatter ratios were calculated for oscillations in a steady state balance between collisional energy and viscous dissipation. The results indicate that the polarization properties of rain are significantly affected by the nonequilibrium distortion of large drops in heavy rainfall.