This article finds in the found-footage horror cycle an alternative way of understanding the relationship between horror films and reality, which is usually discussed in terms of allegory. I propose the investigation of framing, considered both figuratively (framing the film as documentary) and stylistically (the framing in handheld cameras and in static long takes), as a device that playfully destabilizes the separation between the film and the surrounding world. The article’s main case study is the Paranormal Activity franchise, but examples are drawn from a variety of films.